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

Submitted by Tyler Durden on 09/05/2011 09:54 -0400

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 - 15:43 | 1635581 JethroBodien

Don't be naive. Its during times of crisis powers are seized.

Mon, 09/05/2011 - 11:27 | 1634543 snowball777

Euro down -> dollar up -> US exports down -> recession imminent!

Mon, 09/05/2011 - 10:51 | 1634412 robertocarlos

Ferraris should be less expensive now. Or maybe the build quality will be lowered? Fuck it I'll just buy the Fiat 500.

Mon, 09/05/2011 - 10:54 | 1634422 Instant Wealth

Psssst .... Blue Horse Shoe loves short apples.

Mon, 09/05/2011 - 11:22 | 1634529 CharlieSDT

Isn't BAC on the hook for a hundreds of billions on CDSs on those crappy Euro banks?

Mon, 09/05/2011 - 11:40 | 1634570 stant

karl denneger has moved the tickercon back to 1. does blog talk at 3.30 on labor day

Mon, 09/05/2011 - 12:04 | 1634678 deflator

If nature abhors a vacuum, and we assume the EURO loses it's junior reserve status, what fills the void?

Mon, 09/05/2011 - 12:15 | 1634714 americanspirit

I'm watching the Dow and the S&P, but I'm on the Russell 2000 like a hawk. Lots of the Dow & S&P companies are TBTF and they have the legal and political pull to maintain the charade for a while longer, but an awful lot of the Russell 2000 are subsisting on the equivalent of Payday Loans, and when they run out of cash, game over.

Mon, 09/05/2011 - 12:17 | 1634721 Bam_Man

I am taking a vacation to Milan at the end of this month.

I hope it will still be there.

Mon, 09/05/2011 - 12:18 | 1634722 Bam_Man

Mon, 09/05/2011 - 14:06 | 1635091 robertocarlos

Why do you hit the Canadian?

Mon, 09/05/2011 - 15:50 | 1635602 how to trade ar...

I feel sorry for anybody who missed last night/today's Europe move. What's left, short-term? Mainly tomorrow's US market action. I'll be looking at VXX pre-open. Sometimes the small hours are the best time to move.

http://how-to-trade-armageddon.com/2011/09/04/playing-greek-chicken/

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

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