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Here We Go: US Futures Plunge As Milan, Dax Down 5%, Italian Fins Halted, EURUSD Sub 1.41

Tyler Durden's picture





 

It is unclear what just spooked the market, but whatever it is, stocks have had enough fun for the day. After the ECB just announced that it had monetized a whopping E13.3 billion in the past week, nearly double expectations, and a total of E134 billion since the SMP program's inception, the market took one quick look at just how effective this program has been, shuddered, and plunged realizing that neither ECB intervention, nor the shorting halt is doing anything at all. As a result, ES is now down 21, EURUSD just dropped below 1.41 (Chinabot is about to give up), and rolling halt of Italian banks have started, with Intessa, Mediaset and Impreglio all halted. We expect UniCredit to follow suit as usual.

ES:

And bond purchases:

 


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Mon, 09/05/2011 - 09:55 | Link to Comment dwdollar
dwdollar's picture

This is what happens when Benny is taking out of the equation for just ONE day.

Mon, 09/05/2011 - 09:57 | Link to Comment MillionDollarBonus_
MillionDollarBonus_'s picture

I was feeling quite depressed about my equity portfolio this morning, when it dawned on me that there is a major problem with our economic system. Why is it that interest rates remain exceptionally low, yet stock prices are plummeting? The answer is simple. The prices of debt instruments are heavily influenced by educated professionals at our Federal Reserve, whereas stock prices are largely determined by the market. This clearly demonstrates that experts and intellectuals are much more competent at setting prices than the general population. The solution is therefore beautifully simple: set up a central body for setting all equity prices. If it so happens that a stock is influenced by an underlying consumer good, then we should set up a body for pricing that good too. The experts that price these goods will be learned professors and intellectuals who are specialists in the relevant field.

Mon, 09/05/2011 - 10:00 | Link to Comment cowdiddly
cowdiddly's picture

You Have an equity portfolio? Man, you are brave. Thats so 1999 retro its cool.

Mon, 09/05/2011 - 10:29 | Link to Comment spiral_eyes
spiral_eyes's picture

I have an equity porfolio...

Junior miners, bitchez.

Very overweight. 

Mon, 09/05/2011 - 10:42 | Link to Comment cowdiddly
cowdiddly's picture

Yea, I tried that back in 1980-82. drill results, infered resources, Reminds me of the Mark Twain quote. Good luck to you. 1 out of 10 hits the Jackpot and can make up for the other 9. Fun stuff though. 

Mon, 09/05/2011 - 10:58 | Link to Comment Ancona
Ancona's picture

My equity fund is called Ancona's paid off house and cars fund. It can never be tapped, but I pay no fees other than the local extortion levy each year. You couldn't pay me to be in paper of any kind right now; too much panic and fear on the streets. I have a bad feeling about tomorrow's open. Very bad.

Mon, 09/05/2011 - 11:05 | Link to Comment cowdiddly
cowdiddly's picture

I call mine Cowboy's, First Ass National.

Mon, 09/05/2011 - 13:05 | Link to Comment DeeDeeTwo
DeeDeeTwo's picture

Crisis = opportunity... but ONLY for those with balls, baby. This place is full of people hiding in their basements, financially speaking.

Mon, 09/05/2011 - 10:39 | Link to Comment banksterhater
banksterhater's picture

It's all correlated, you'll lose your ass too.

Mon, 09/05/2011 - 10:55 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Everyone will lose their asses for a while. Then a few metallic asses will begin to shine again. But that too shall be brief. I think we're going to see a bath full of blood (sadly no ukelele floating in it) tomorrow, come Asia open.

No pleasure in seeing this forecast come good. none at all, for anyone here I hope. It's an unfolding tragedy of rather historic proportions.
And of course it si unfolding exactly as per plan

V

http://aadivaahan.wordpress.com/2011/09/02/first-print-and-some-amazing-...

Mon, 09/05/2011 - 11:40 | Link to Comment Strike Back
Strike Back's picture

Miners look like they've been decoupling from the general market since the beginning of August. 

Mon, 09/05/2011 - 10:32 | Link to Comment topcallingtroll
topcallingtroll's picture

Cmon guys it's satire.

We have a new Hamy, or maybe the old one has returned.

Mon, 09/05/2011 - 10:00 | Link to Comment DefiantSurf
DefiantSurf's picture

you must be from Princeton?

 

Mon, 09/05/2011 - 10:02 | Link to Comment BurningFuld
BurningFuld's picture

Kinda like your morning horoscope.

Mon, 09/05/2011 - 10:04 | Link to Comment Hedgetard55
Hedgetard55's picture

Million,

 

     That would work pretty well, but why not go the whole enchilada and just nationalize all companies - no need for stocks, or prices! The smart dudes and dudettes from the Ivy League could run things.

Mon, 09/05/2011 - 10:10 | Link to Comment cowdiddly
cowdiddly's picture

That be the problem, Ivy League PHDs are running it now. You know, by and hold, diversification,technical charts,mutual funds, efficient markets and all the other theories they have brainwashed the sheep into believing while they backdate the options, dilute the stock, issue bonuses and run HTF and naked shorting scams. Oh but you get a .12 cent dividend LOL

Mon, 09/05/2011 - 10:13 | Link to Comment Red Herring
Red Herring's picture

Been there, done that, escaped.

 

Without the stocks or prices, the alpha males in charge of the companies have nothing to measure their manhood by.  The need for competition eventually evolves into competition between two production lines - left shoes vs. right shoes. Pointless exercise.

 

And Ivy League is best left to what it does best - corrupt the minds of the next generation of Ivy League graduates...

Mon, 09/05/2011 - 10:07 | Link to Comment Coldcall
Coldcall's picture

nothing wrong with an equity portfolio but it should be overweight large gold miners. My stock portfolio contains 25% gold miners and has outperformed the market since late July.

Sorry but crazy not to anchor your stocks with some sort of major hedge.

Mon, 09/05/2011 - 10:47 | Link to Comment Kiss My Iceland...
Kiss My Icelandic Ass's picture

"nothing wrong with an equity portfolio but it should be overweight large gold miners."

 

Hmmm. Is there an ETF for big obese gold miners ?

Mon, 09/05/2011 - 11:05 | Link to Comment HyperLazy
HyperLazy's picture

NUGT and GDX, GDXJ for Juniors. But FSG is an interesting vehicle.

Mon, 09/05/2011 - 10:17 | Link to Comment Motley Fool
Motley Fool's picture

Bravo. This level of trolling deserves some respect. :D

Mon, 09/05/2011 - 10:29 | Link to Comment topcallingtroll
topcallingtroll's picture

Hahaha!

It is Hamy!

I just know it. Funny man!

Mon, 09/05/2011 - 10:32 | Link to Comment glenlloyd
glenlloyd's picture

Ideas like this should be relegated to the dustbin of history.

This has already been tried and failed miserably...every time.

You're not too bright...are you?

Mon, 09/05/2011 - 10:42 | Link to Comment MillionDollarBonus_
MillionDollarBonus_'s picture

I just gave you an example of it working fantastically well. Interest rates have remained low throughout the past 5 years despite all the economic challenges we have faced. This is a remarkable achievement, and should be admired as such. This can only be the work of true genius, and could never be achieved by market participants of mediocre intelligence.

Mon, 09/05/2011 - 10:51 | Link to Comment IronShield
IronShield's picture

Oh, I see, something for nothing? Hmmm...

Mon, 09/05/2011 - 11:46 | Link to Comment jerry_theking_lawler
jerry_theking_lawler's picture

Yes...a new way to wealth creation...out of thin air... hahahah!

Mon, 09/05/2011 - 12:04 | Link to Comment theinebriatedsot
theinebriatedsot's picture

you sir, are dangerous, and need to be taken out back and shot.......

Mon, 09/05/2011 - 12:19 | Link to Comment DosZap
DosZap's picture

<theinebriatedsot >@ 12:04,

TO whom are your speaking of?.

After second thought, whoever your speaking about does not deserve that rash, and kind of judgement.

Esp from a keyboard commando.

Mon, 09/05/2011 - 10:36 | Link to Comment Thomas
Thomas's picture

You are the Samaurai of Sarcasm. 

Mon, 09/05/2011 - 11:51 | Link to Comment Spitzer
Spitzer's picture

Robotrader is too in a more suttle way.

Mon, 09/05/2011 - 14:24 | Link to Comment Thomas
Thomas's picture

Maybe he is like Calvin Bear, who's genius required years to shine through.

Mon, 09/05/2011 - 10:39 | Link to Comment Landrew
Landrew's picture

Wow, with the S&P futures down 62 I hope your equity port is short! I am holding the Oct. 7$ puts:) that is the sum of my equity exposure. All cash and short here. S&P is at 1999 levels.

Mon, 09/05/2011 - 10:48 | Link to Comment RSloane
RSloane's picture

I can only add holy effin shit.

Mon, 09/05/2011 - 10:51 | Link to Comment duckhook
duckhook's picture

The answer is very simple.Bond prices are predicting at least a bad recession or a depression  for a protracted period of time.In that atmosphere earnings ,which are at their highest in history,will plunge.So your E in P/E is going to decrease dramatically.And your point about the Fed influencing interest rates is not correct.This is  Just governmnet controlled interest rates ,which will eventaully backfire massively.Get out of all stocks.Buy when the Dow hits 5000

Mon, 09/05/2011 - 11:53 | Link to Comment Spitzer
Spitzer's picture

That is bullshit. The lower stocks go in the US, the more money the tresereve has to print to makeup for the shortfall in tax revenue to service the debt. That is bond negative.

Mon, 09/05/2011 - 10:57 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

MDS, you see it all with such clarity.  I'll dust off my econometrics textbook and head to Washington.  I'm going to change the world, dammit!!

Mon, 09/05/2011 - 11:48 | Link to Comment Spitzer
Spitzer's picture

 Asset bubbles 101.

Perception is not was ends asset bubbles. Perception only changes after prices start falling. Everyone (except Austrians) thought house prices would never fall in the US until they fell. People in Canada and Australia still think house prices will never fall even though their valuations are worse then the US was.

 

 

 

Mon, 09/05/2011 - 09:57 | Link to Comment spiral_eyes
spiral_eyes's picture

the west destroyed its productive base and moved to the massage-the-figures-with-benny model. 

chickens coming home to roost, bitchez

http://azizonomics.com/2011/09/03/the-shape-of-global-parasitism/ 

Mon, 09/05/2011 - 10:02 | Link to Comment DormRoom
DormRoom's picture

Or, this is what happens when the Fed uses the shadow banking apparatus (hedge funds) to pump liquidity into equity markets, using leverage from TARPed banks, with access to the Fed discount window.  It was a blunt move.

 

Now the shadow banking apparatus is deleveraging, collapsing  global equity markets.

 

Das Kapital, bitchez.

Mon, 09/05/2011 - 12:48 | Link to Comment johnnynaps
johnnynaps's picture

Ah, a day of Reality! Don't fret, Benny will be hard at work tomorrow and rainbows will lighten the sky as skittles fall from the heavens into rich bankers' pockets.

Mon, 09/05/2011 - 09:56 | Link to Comment Mineshaft
Mineshaft's picture

Green Shoots!

Mon, 09/05/2011 - 09:57 | Link to Comment Don Birnam
Don Birnam's picture

Marone !

Mon, 09/05/2011 - 12:11 | Link to Comment Bam_Man
Bam_Man's picture

It is actually spelled "Madonna!".

Yep, same as the pop singer, but pronounced the way you wrote it.

Mon, 09/05/2011 - 09:58 | Link to Comment oogs66
oogs66's picture

they monetized and couldn't hold yields down...the market has spoken and once again govt intervention in markets has a half life of less than a month!

Mon, 09/05/2011 - 10:29 | Link to Comment 11b40
11b40's picture

Yep.  The only boards green today are the ones showing interest rates in the PIIGS.  Up, up, and away!

Mon, 09/05/2011 - 09:58 | Link to Comment bania
bania's picture

Bullish dip

Mon, 09/05/2011 - 10:08 | Link to Comment infinity8
infinity8's picture

perfect with rocky mountain oysters. grab a good red and i'll bring the whiskey.

Mon, 09/05/2011 - 09:58 | Link to Comment BurningFuld
BurningFuld's picture

You will all have to excuse gold if it goes down a bit this week, but people are going to be needing the cash me thinks.  It's about to get UGLY!

Mon, 09/05/2011 - 10:03 | Link to Comment LoneStarHog
LoneStarHog's picture

Who really cares where PAPER gold/silver go ... Holding PHYSICAL in large quantities adds a sense of calm while entering The Perfect Storm ... I hope America survives and enters a New Golden Age on the other side.

Mon, 09/05/2011 - 10:08 | Link to Comment unky
unky's picture

You are right. If you hold physical PMs and read the horrible news everyday (offical news as well as blogs such as zerohedge) you have a sense of calm. However there is another way. Not read/watch any news and hold no PMs at all. I think that also gives you sense of calm ^^

Mon, 09/05/2011 - 10:11 | Link to Comment DosZap
DosZap's picture

Unky,

Yes the latter, it's like stepping off a curb, and getting HIT BY A BUS.

Mon, 09/05/2011 - 10:44 | Link to Comment DeadFred
DeadFred's picture

Still you are quite calm and collected, until the bus hits.

Mon, 09/05/2011 - 10:16 | Link to Comment LoneStarHog
LoneStarHog's picture

Yup! Like jumping off a huge (hugh for you Yahoo! readers) cliff and plummeting face up, enjoying the beautiful blue sky with the occasional puffy cloud, the soaring eagle, the transitory contrail...Ahhhhhhh...I even get a really neat feeling in my groin ... Ahhhhhh ... serenity

Mon, 09/05/2011 - 12:56 | Link to Comment johnnynaps
johnnynaps's picture

AH, having a family full of contractors, marksmen, and cooks gives me the sense of calm......beings that I am the farmer hedged accordingly with alcohol!

Mon, 09/05/2011 - 09:59 | Link to Comment monopoly
monopoly's picture

And have a nice day. i think we have just started the 6th inning of this double header. What amazes me is that so little of this is a surprise to me and many here and am positioned for it as we have been discussing all of this for months, at least. Tomorrow going to be very interesting.

Happy Libor, I mean, labor day.

Mon, 09/05/2011 - 09:59 | Link to Comment vast-dom
vast-dom's picture

//conspiracy theory on/

 

pre-Sept20-21 mini crash for QE3.

 

........"we have no choice" time approaching.............

 

Mon, 09/05/2011 - 10:05 | Link to Comment WonderDawg
WonderDawg's picture

Your position assumes that TPTB are controlling this. I would disagree. I think they've lost control and are now searching for a clean pair of shorts.

Mon, 09/05/2011 - 10:37 | Link to Comment Howard_Beale
Howard_Beale's picture

But this time QE won't make a difference. Everyone saw the show and got the T-Shirt for QE2--didn't work out so well. Shifting maturities out the curve on a bloated balance sheet isn't going to achieve much.

Game over.

Mon, 09/05/2011 - 10:00 | Link to Comment PontifexMaximus
PontifexMaximus's picture

van rompuy is spooking the markets with his blabla and the 10y italian @ 5.52

Mon, 09/05/2011 - 12:14 | Link to Comment Bam_Man
Bam_Man's picture

Maybe van Rompuy should recite one of his poems in front of the EU parliament. Might have a calming effect.

Mon, 09/05/2011 - 10:01 | Link to Comment Gandalf6900
Gandalf6900's picture

for how many years can they keep the sham going?

A) 1 year

B) 2 years

C) The end is closer than I can even imagine

Mon, 09/05/2011 - 10:04 | Link to Comment unky
unky's picture

2 years. They can go all in and buy all equities with printed money. The comex can short sell trillion dollars worth of PMs and other commodities with future contracts due in 2014 or something. Just my idea what the EE could do ;- )

Mon, 09/05/2011 - 11:39 | Link to Comment sun tzu
sun tzu's picture

They will simply ban private trade of gold and silver. 

Mon, 09/05/2011 - 11:49 | Link to Comment DosZap
DosZap's picture

sun tzu,

Then they can pay us the going rate when and if that time comes, or I will have a boatload of new Jewelry.Or, better yet, get the hell outa dodge.

When they do that, they will cost us another few million jobs.......................

Mon, 09/05/2011 - 11:50 | Link to Comment theinebriatedsot
theinebriatedsot's picture

all that would do is sweeten the price even higher. For then gold + silver would become like drugs: illegal so ya gotta pay thru the nose to get 'em!. Do you really think that's gonna solve any problems?

Mon, 09/05/2011 - 12:26 | Link to Comment DosZap
DosZap's picture

 theinebriatedsot @11:50,

Since I am just a peon, serf slave in the elites world, all I can do is try and look out for my family first, help others that deserve it, and  do my best to retain a lifes worth of labor.I am in no position, as are you, to SOLVE any problem/s.

If you think we are, your delusional.

Mon, 09/05/2011 - 10:07 | Link to Comment Red Herring
Red Herring's picture

They can keep it going foreva! The question is, how long will enough people believe in the sham?

 

emancipate yourself... good song

Mon, 09/05/2011 - 10:02 | Link to Comment unky
unky's picture

Doesnt look good at all for the DAX. (Can you include a chart) Luckily I dont have any equities ;- )

Mon, 09/05/2011 - 10:02 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Spooked by its own deranged headlines, the bots now make up news and then promptly react to it(their own headlines) so that we have the illusion that there is a market out there.

It's all just tradition.

Mon, 09/05/2011 - 10:03 | Link to Comment FLUSA.com
FLUSA.com's picture

On the bright side I hear the Vacationer in Chief is working a Union Rally today......

Mon, 09/05/2011 - 10:06 | Link to Comment monopoly
monopoly's picture

LMAO, good one.

Mon, 09/05/2011 - 10:11 | Link to Comment alien-IQ
alien-IQ's picture

...and DOW futures down 220. nice.

edit: three minutes later...and it's down 245.

looks like a fun week shaping up here.

Mon, 09/05/2011 - 11:44 | Link to Comment boiltherich
boiltherich's picture

DJIA futures down mostly because fair value is -230 after Friday's tumble.  But, how many times have I watch with anticipatory glee for the opening bell with major red ink in the futures only to see a triple digit rally?  Any serious selling pressure will only trigger the PPT to staunch losses.  Unless they are setting a trap that is, there are days they need to set either bear traps or to force liquidity into the open by getting long suckers to BTFD.  Either way I am as suspicious of the free market pricing theory of equities as I am of debt.  No matter what you believe in the truth is that the cost of living is rising faster than any investment scheme except PM's and even that is subject to manipulations if TPTB decide against you, so in nominal terms alpha is out there, in real terms you had better get some physical and keep quiet about it.

Mon, 09/05/2011 - 10:04 | Link to Comment Byte Me
Byte Me's picture

I thought your 'leaders' in the States were a bunch of self-serving foreskinless shitbags -- but over here in Europe we don't have leaders. Period. You could homogenise the entire Establishment, feed it to a planar worm, and employ Fukushima-mutated amoeba with more intelligence than exists in europe.gov

 

Mon, 09/05/2011 - 10:09 | Link to Comment monopoly
monopoly's picture

Byte me, thank you for the thought. But we do not have leaders here either. They just do whatever it takes to keep their job, salary, expense accounts, perks, health care and retirement intact. That alone is job 1. We are next in line and still waiting.

Mon, 09/05/2011 - 10:46 | Link to Comment Byte Me
Byte Me's picture

As in the first task that a pol has...

...to get re-elected.

Mon, 09/05/2011 - 11:40 | Link to Comment theinebriatedsot
theinebriatedsot's picture

so has Nigel ripped Van Rompuy's ass lately?....... :-p

Mon, 09/05/2011 - 10:04 | Link to Comment ska11153
ska11153's picture

does anyone know what limit down is on es?

Mon, 09/05/2011 - 10:10 | Link to Comment Global Hunter
Global Hunter's picture

No but I suspect I'm going to find out soonish. 

edit: I think 5% before the open at 9:30 am on Tuesday.

Mon, 09/05/2011 - 11:28 | Link to Comment New_Meat
Mon, 09/05/2011 - 10:04 | Link to Comment Red Herring
Red Herring's picture

There is a word missing somewhere in the title.... "unexpectedly"....

 

As in "US Futures plunge unexpectedly".  Now it is like reading major news outlets.  I feel a lot better somehow.

Mon, 09/05/2011 - 10:30 | Link to Comment RSloane
RSloane's picture

LOL! Its just like watching CNBC!

Mon, 09/05/2011 - 11:57 | Link to Comment boiltherich
boiltherich's picture

dupe

 

Mon, 09/05/2011 - 10:04 | Link to Comment monopoly
monopoly's picture

Dow futures under 11,000 now. Geesh. Is it finally starting? Bernank going to move the meeting forward? 21st way too late.

Mon, 09/05/2011 - 10:06 | Link to Comment Cdad
Cdad's picture

The DOW is where you want to concentrate your short positions starting tomorrow.

Mon, 09/05/2011 - 10:19 | Link to Comment Cursive
Cursive's picture

@Cdad

The DOW is where you want to concentrate your short positions starting tomorrow.

That was last Thursday closing bell.  Of course, any one trading/shorting should be very concerned about counterparty risk at this juncture.

Mon, 09/05/2011 - 10:48 | Link to Comment Landrew
Landrew's picture

You must be nuts! The puts are so rich now, last week at anytime was the buy! I bought BAC and GE puts for pennies.

Mon, 09/05/2011 - 13:14 | Link to Comment Hot Apple Pie
Hot Apple Pie's picture

I have to admit I almost felt guilty buying BAC puts after Buffet goosed up the price.

Mon, 09/05/2011 - 10:12 | Link to Comment jekyll island
jekyll island's picture

No, it's not supposed to start until Dow 9,000.  That's the way we planned it. 

 

The Bernank

Mon, 09/05/2011 - 10:05 | Link to Comment Zero Debt
Zero Debt's picture

Is it just me or doesn't that chart look like Fed balance sheet around 2008? Flat, then spiking..

Mon, 09/05/2011 - 10:58 | Link to Comment TaxSlave
TaxSlave's picture

Hockey sticks! (You curs!)

Mon, 09/05/2011 - 10:06 | Link to Comment DosZap
DosZap's picture

Isn't WAY past time real Men and Women took control of their markets, and countries again, the chiddddren, have screwed up the compooter, yet again.

Mon, 09/05/2011 - 10:09 | Link to Comment lapedochild
lapedochild's picture

Why do they have to halt trading on certains stocks? I don't get that... it limits earning potential of people with put options (since short selling was not allowed anymore)

Mon, 09/05/2011 - 10:57 | Link to Comment DeadFred
DeadFred's picture

They are not interested in the earning potential of put holders, they want to control the carnage. The theory is by stopping trading on individual stocks that are dropping too fast they give a chance for reason to return and buyers decide to step in. Sometimes it even works, but mostly the carnage starts again as soon as trading resumes.

Mon, 09/05/2011 - 10:13 | Link to Comment Version 7
Version 7's picture

The Bloomberg screen is getting better by the minute..

Mon, 09/05/2011 - 10:13 | Link to Comment RobotTrader
RobotTrader's picture

Many indexes in Europe now at new lows.

Wow.

Mon, 09/05/2011 - 10:20 | Link to Comment oddjob
oddjob's picture

And there you are with a boatload of netflix, if it was'nt so funny it would be sad.

Mon, 09/05/2011 - 10:23 | Link to Comment LoneStarHog
LoneStarHog's picture

Yeah, but he can get disaster flicks really cheap ... then again ... he can just watch his portfolio, I guess.

Mon, 09/05/2011 - 10:43 | Link to Comment topcallingtroll
topcallingtroll's picture

Hehe

I doubt robo is stupid with spec money.

I learned the hard way a long time ago to recognize losses quick. I lost about 7 percent in EWZ but it could have been 20 percent if I hadnt gone ahead and admitted I was a fucking idiot.

Cash may not always be king, but right now I don't want to bet on the competence of central planners to keep inflation alive. That is an awfully big assumption right now for you gold buggers.

Mon, 09/05/2011 - 10:56 | Link to Comment Landrew
Landrew's picture

The other lesson the old double down ha! Won't ever do the again ha! When to sell a buy or a short is really one of the hardest lessons I think we all have had. Early on, I made a number of mistakes not taking my losses and preserving my capital for the next trades. Now I can afford to be a bit more patient at only trigger at a 20% loss. This year is my first year of no losses (pat on the back here) put options only on Dow with a few calls on the dead cat bounces. This will work until everyone is on it ha!

Mon, 09/05/2011 - 13:37 | Link to Comment oddjob
oddjob's picture

Cash is a whore.

ZIRP, greedy boomers, bankers and government employees have ensured the destruction of fiat into worthlessness.

Gold and Silver are King, and always have been.

Mon, 09/05/2011 - 11:43 | Link to Comment sun tzu
sun tzu's picture

Two reasons gold is going up

1. inflation

2. instability

 

Mon, 09/05/2011 - 12:08 | Link to Comment DosZap
DosZap's picture

topcallingtroll,'

Cash may not always be king, but right now I don't want to bet on the competence of central planners to keep inflation alive. That is an awfully big assumption right now for you gold buggers.

Matters not, Gold and PM's will decouple completely from the USD.(if they haven't already).

This is not 2008.

Globally people know we are in the same shitter as the rest of them.Safe haven status my ass.

Inflation, deflation, stagflation, etc,etc, PM's are going to beat cash, simply because folks with half a brain have figured out that their dollars are basically worthless.

Any IDIOT that dumps their assets into UST's, and the USD, is as crazy as a Loon.

I HOPE they do, so that I can dump the rest of my cache,at 80, instead of 55.

Mon, 09/05/2011 - 10:21 | Link to Comment GoldBricker
GoldBricker's picture

Plus, gold is at a new high in euros (currently 1347). A local dealer had a half-ounce Belgian bullion coin at 602 on August 25th, now it's a 687. The gold rise plus the euro fall is a wicked combo.

Mon, 09/05/2011 - 10:42 | Link to Comment TradingJoe
TradingJoe's picture

So Robo, how do you think my puts are doing, eh?

Mon, 09/05/2011 - 10:14 | Link to Comment Solid
Solid's picture

Let's see what happens with the miners. Could be a good time to get in if you don't have any.

Mon, 09/05/2011 - 10:36 | Link to Comment IronShield
IronShield's picture

Ah the paper playas...  My condolences.

Mon, 09/05/2011 - 10:47 | Link to Comment topcallingtroll
topcallingtroll's picture

Especially the juniors right now. Even if gold just consolidates here for a while the miners look enticing.

GDXJ is worth a look.

Mon, 09/05/2011 - 10:52 | Link to Comment snowball777
snowball777's picture

Fuck paper.

Mon, 09/05/2011 - 11:24 | Link to Comment Byte Me
Byte Me's picture

IF THAT's your thing go for it..

I prefer the opposite sex personally. But then, I'm old fashioned..

Mon, 09/05/2011 - 10:15 | Link to Comment Cursive
Cursive's picture

It is unclear what just spooked the market, but whatever it is

Cash shortages, margin calls and more cash shortages.

Mon, 09/05/2011 - 10:20 | Link to Comment alien-IQ
alien-IQ's picture

or just good old fashioned sobriety.

Mon, 09/05/2011 - 11:07 | Link to Comment nodhannum
nodhannum's picture

Can't the europeans just ban short sales "again" or maybe just ban selling any equities...only buying permitted? sarc off.

Mon, 09/05/2011 - 10:18 | Link to Comment monopoly
monopoly's picture

Looks like September will live up to its reputation for being one of the most difficult months for equities. The shorts are really raking it in lately. Europe a disaster. Glad that cannot happen here. This is America.

cough, cough.

Mon, 09/05/2011 - 10:21 | Link to Comment Coldcall
Coldcall's picture

I think what spooked the market was ECB having spend almost 15billion euros trying to keep Italian 10 year yields at 5% - and obviously failing.

That means all their ammo is used up and to no avail. Bye bye eurozone as we know it.

Mon, 09/05/2011 - 10:21 | Link to Comment monopoly
monopoly's picture

Yeah, agree. They may take a good hit tomorrow as those "brilliant ones" who buy NFLX on margin have to find cash somewhere and what is up? Our miners, of course. Might add some at end of day if they take a real hit. Always like getting rid of the weak holders as it makes the next leg up, if I am correct, more sustainable.

Mon, 09/05/2011 - 10:58 | Link to Comment Crisismode
Crisismode's picture

Somehow I don't think that the people who loaded up on NFLX are the same people that have any PM miners in their portfolio whatsoever.

Mon, 09/05/2011 - 10:21 | Link to Comment The Shootist
The Shootist's picture

DAX down 5.5%. Crazy, bitches.

Mon, 09/05/2011 - 10:21 | Link to Comment LoneStarHog
LoneStarHog's picture

Okay ... so are the Futures plunging or plummeting or imploding or in a downtrend or brown shoots? ... I am soooooo confused.

Mon, 09/05/2011 - 10:29 | Link to Comment nmewn
nmewn's picture

 

http://www.bloomberg.com/markets/stocks/futures/

The janitor accidently kicked the cord out. They seem to be spending a lot of time looking for the guilty janitor instead of just plugging it back in.

Mon, 09/05/2011 - 11:10 | Link to Comment RSloane
RSloane's picture

They have the flight path of a punctured balloon.

Mon, 09/05/2011 - 10:23 | Link to Comment Blorf
Blorf's picture

Gold, silver up off the lows and rising.... with the USD. Hilarious, silver has gone from wild speculation play to safe haven in a few short months. I guess is if was European I'd want to park my money far away from banks as possible too.

Mon, 09/05/2011 - 10:41 | Link to Comment IronShield
IronShield's picture

Yeah, please allow a minor modification...  "I guess if I was a sane rational Human I'd want to park my money..."

Mon, 09/05/2011 - 10:24 | Link to Comment gwar5
gwar5's picture

Going to be an Interesting week.

 

President of Iceland says the EU and IMF tried to bully Iceland to make taxpayers pay for the Landesbanki collapse and losses.  As we all know, they gave them the middle finger. Message for continental Europeans?

 

Mon, 09/05/2011 - 10:33 | Link to Comment tom a taxpayer
tom a taxpayer's picture

Iceland and Greece could form the FU, a counter to the EU.

Mon, 09/05/2011 - 10:25 | Link to Comment Belarus
Belarus's picture

If this keeps up LSAP and duration extension will soon come Sept. 21. Long term deflation is the problem and that just can't happen. 

Which means Belarus bitchez. Or something else. Maybe total revolution agains't the despotic madmen ruining the worlds we all live in....and complete debt forgiveness. Nah. That wold cause civil war amongst the people. All roads lead to Belarus.

ZH is  being too kind, of course they know what is spooking this market. TCE ratios at the banks naturally; unemployment, no robotic algo HFT's today, etc. I'm just surprised circuit breakers aren't going to be hit all over the world and our futures are only down +200 or so on the DOW.

At any rate, at lease Benny is getting the crises so he can do anything and blame anyone he wants when he announces a $2.5 trillion debt monetization. 

Did I say Belarus bitchez yet?

Mon, 09/05/2011 - 10:34 | Link to Comment DefiantSurf
DefiantSurf's picture

so if M2 is $10T and we inject another $2.5T that is a 25% devaluation? Problem is I can't find a current realistic M2 number....

 

Mon, 09/05/2011 - 11:33 | Link to Comment New_Meat
New_Meat's picture

DS:

"... that is a 25% devaluation?"

It would be if it were in circulation.  But it has been parked on the banks' balance sheets to fill the void left when all of them CDSs vanished.

So: not yet.

- Ned

Mon, 09/05/2011 - 12:26 | Link to Comment Belarus
Belarus's picture

It would be if it were in circulation. 

I've heard this argument many times before. It's just sitting at the banks by god--look at the velociity of money, right? Sure. But ya ever hear of backdoor beauty? You see, the credit in waiting is mostly just sitting idle at banks. However, the $2 trillion in unfunded deficit is making its way into the economy via corporate welfare, social welfare, and transfer payments....

That's how you get rising oil and food prices--rising demand from "speculators" and the real economy--while the economy is a nightmare. The money does enter the system: through the backdoor. 

Backdoor beauty, bitchez.

Mon, 09/05/2011 - 10:29 | Link to Comment ramirez
ramirez's picture

Bloodbaths are becoming a déjà-vu. T3h end is near.

Mon, 09/05/2011 - 10:30 | Link to Comment dwdollar
dwdollar's picture

They'll be a QE3 rumor tomorrow and we'll close even on the day.

Mon, 09/05/2011 - 10:33 | Link to Comment DogSlime
DogSlime's picture

NO!  EVERYTHING IS FINE!  JOSE BARROSO SAYS SO!

"Barroso says Europe will avoid return to recession"  -  http://www.bbc.co.uk/news/business-14784180

Mon, 09/05/2011 - 10:47 | Link to Comment Instant Wealth
Instant Wealth's picture

Could William Banzai please make a picture of Barroso as Sancho Pansa and Trichet as Don Quixote ?

Mon, 09/05/2011 - 10:55 | Link to Comment snowball777
snowball777's picture

Jose Baboso.

Mon, 09/05/2011 - 11:20 | Link to Comment DosZap
DosZap's picture

DogSlime,

Who's, payroll is JOSE on?.3 guesses and fisrt 2 no countee.

Mon, 09/05/2011 - 10:33 | Link to Comment FLUSA.com
FLUSA.com's picture

Awaiting Roubini statement claiming Gold is crap and just crashed as it hit $1,899.90

Mon, 09/05/2011 - 10:34 | Link to Comment navy62802
navy62802's picture

It's shaping up to be a Rule 48 Tuesday morning.

Mon, 09/05/2011 - 11:25 | Link to Comment HyperLazy
HyperLazy's picture

I can see it now, the market opens and immediately closes, forever. HA

Mon, 09/05/2011 - 10:35 | Link to Comment Mister Ponzi
Mister Ponzi's picture

Greek 2YR Yield north of 50%, 1YR Yield above 82(!)%.

Travelling to Greece tomorrow (not kidding), it will be interesting to see whether I will get new Drachmas during the next two weeks...

Mon, 09/05/2011 - 10:36 | Link to Comment PAPA ROACH
PAPA ROACH's picture

London Bridge is falling down.........falling down..............falling down.......................

 

http://www.youtube.com/watch?v=WHE4dPr9cWY

 

Mon, 09/05/2011 - 10:38 | Link to Comment DefiantSurf
DefiantSurf's picture

sorry didn't know you already had that avatar, I will look for a new one.

 

Mon, 09/05/2011 - 10:43 | Link to Comment MoneyWise
MoneyWise's picture

"US Futures Plunge" I wouldn't call it so dramatic, currently down 235 points.

Gold up about 11.70, also cannot call it  "surge" :) Relax, don't panic, there is always Welfare :)))

Mon, 09/05/2011 - 10:46 | Link to Comment The Shootist
The Shootist's picture

Ha! Down 200, but lately people have been saying that those numbers are more accurate the following day when multiplied by 5-10... Hmmm.

Mon, 09/05/2011 - 10:42 | Link to Comment SmoothCoolSmoke
SmoothCoolSmoke's picture

Labor Day may save the US makets.  Give Ber-shankie and Timmay 24 hours to cook something up beforethe open on Tuesday.  That's if they want to.  A crash may in fact serve thweir evil plans to a "t".   We'll see.

Mon, 09/05/2011 - 10:45 | Link to Comment FLUSA.com
FLUSA.com's picture

So what does this have to do with the price of tea in China, the price of weed in the US, the price of opium in Afghanistan, the price of guns in Mexico, the price of peace in the Middle East, the price of ETC ETC........

Mon, 09/05/2011 - 10:49 | Link to Comment MoneyWise
MoneyWise's picture

Exactly, why would Americans care about f*cking Greece or Italy, we are not one of their states, f*k'em.. US Markets should go up 500 points instead while those rats are moving their funds into Dollar assets. Why would Harley Davidson or Hershey should give a f*k about Greece?

Mon, 09/05/2011 - 11:02 | Link to Comment IronShield
IronShield's picture

Well is it because the Fed, I mean the IMF, is backstopping them?  Is that why 'we' care? 

Ultimately, I, as an American, really don't care; but that's not the point.  It appears we be attached at the hip until the dullard is no more.  As it was stated, "it may be our currency, but it's your problem..."  FOFOA charts the way...  Without blood...

But, 'we' Americans, will exhaust every other possibility before doing the 'right' thing...  (thanks Winston)

Mon, 09/05/2011 - 11:23 | Link to Comment theinebriatedsot
theinebriatedsot's picture

because the Fed is just as leveraged with their debt crap as the European banks are....if the Eurozone blows up, it'll take the Fed with it......this is why one should own gold + silver. And I hope the Eurozone does collapse.......and takes the NWO with it....... :-)

Mon, 09/05/2011 - 12:15 | Link to Comment IronShield
IronShield's picture

"and takes the NWO with it..."

Amen bro...  Can I get a witness up in heeyah!?

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