From The Hill: "Asian Markets? They Are On Their Own - Deal Today Looking Unlikely"

Tyler Durden's picture

With 10 minutes remaining until 4 pm, and no newsflow to the contrary, it was pretty obvious that there would be no deal, at least in the immediate future. This has now been confirmed by ABC News's Jonathan Carl: "Asian markets?  They are on their own. A Republican source tells ABC News negotiators do not expect to have a deal or even the framework of a deal on the debt ceiling by 4 p.m. today, as House Speaker John Boehner had said he wanted to steady jittery Asian markets when they open." And here is why the dip buyers will be having a field day today: "In fact, the source says a deal today is now looking unlikely." Remember: under Bernanke, nothing can possibly ever go wrong. So buy everything, buy with both hands, buy on margin. In fact, take out a 4th lien on your unborn child and margin that up while buying every dip. Remember: there is no risk. The central planners have spoken.

Per ABC:

The principals are speaking over the phone while the staffs work on the numbers. Congressional Democrats and Republicans continue to try to hash out a compromise, but they are not there yet.


Separately, the source says that the big "grand bargain" now looks, once again, to be "pretty dead" -- not buried yet, but not really breathing either.  Despite the positive comments by Boehner and Treasury Secretary Tim Geithner this morning, the large deficit reduction plan seems to be too much, too late to accomplish by the Aug. 2 deadline.



"A deal is still elusive," said one top House Republican.


Comment viewing options

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

I should be getting ready to watch Gold Now

traderjoe's picture

Another thread hi-jack. STFU.

rajat_bhatia's picture

LOL, cmon dude.. Be nice, please, i'll employ you on my wheat farm in Mozambique, if u're nice to me today.

traderjoe's picture

No thanks asshat. I'm pretty well prepared thank you very much. 

I can only hope you get rated out in the new system. Frickin' troll...

Muscletonian's picture

Just inform me why short gold would be the best bet over the weekend, just cant get that one....

fuu's picture

Don't forget the long Indian Government debt too.

malikai's picture

You may find it difficult to keep your hands and feet attached at your wheat farm, but good luck with your gold short. It doesn't look like it will be coming in though. Do let us know when you cover.

Conrad Murray's picture

Tears are streaming down my face as the grace of god blesses me with a momentous opportunity to BTFD. Hallelujah!

How much for your asians? And a few of the euros? I don't need TP goddamnit, do I look like a tinfoil nutter? I need S&P, now!

DoChenRollingBearing's picture

CNBC still has the mini-Dow future down a mere 69, S&P just 1.50.

Maybe an error?

cosmictrainwreck's picture

old news....Friday's close. I can't recall exact time they start up tonight

HungrySeagull's picture

I KNEW IT!!!!!


Cindy_Dies_In_The_End's picture

Hey Ban, HA--At first I thought yu meant that movie They Live--time to put on those glasses and see the real deal!!

spanish inquisition's picture

So what happens to budget/debt talks if the world doesn't collapse tomorrow? Or are we going to get some engineered jitters?

moonstears's picture

Watch Silver, at 1800 EST, bitchez? Indeed, I'd say.

Sudden Debt's picture

That's where the Iphone comes in.


HoofHearted's picture

I have been doing all I can to get my USD to go away. I've been mostly successful, but I need a few more hours to find me some more of the real money to trade my little green coupons for. Gold and silver, bitchez. What else is safe?

wrs's picture

Why would the asians care so much about a deal today in particular?  seems a specious claim to make that the asian markets even care about the debt talks this weekend.

HungrySeagull's picture

The Asians are our Landlords and our Providers because we have indebited this great nation and turned it over to them financially in the last ... 30 years or so.

equity_momo's picture

Because the entire global financial system is just one giant shit burger. You either want to take a bite of the shit burger or you dont. There is only risk on and risk off young grasshopper.

ZeroPower's picture

Nothing will happen when futures open.

Grifter's picture

I'm still confused as to why tonight/tomorrow is supposed to be when all hell breaks loose in the markets when 8/2 is the official(?) default OMGWTFBBQ Day of Reckoning. 

Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Per T. D. last week it takes time to implement an agreement once made.  Supposedly last Friday was the drop dead date to have an agreement which could be implemented by August 2nd.  But hell, Timmy could just raid the public pension funds again.  No big deal, unless you work for Big Brother.


Tuco Benedicto Pacifico Juan Maria Ramirez

wrs's picture

Yes, this I have read a couple of times now.   So we passed the drop dead date for the legislation and now supposedly the default is inevitable.  I suspect that this will be like the govt shutdown in 1995, they will turn off everything that is sucking down money and focus on only funding debt rollover and paying interest.  Suddently the govt will have to be a cash-flow positive business with debt payments that cannot be paid by going deeper into debt.  In other words, the LOC has been chopped and now it will have to become lean and mean.

Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Agreed, PMs up a little tonight and tomorrow, down Tuesday and roller coaster the rest of the week.

Tuco Benedicto Pacifico Juan Maria Ramirez

rajat_bhatia's picture

Everyone, Arent you all bored with "...Bitchez!!!" ?

Quintus's picture

Not as bored as I am with your drivel.

Muscletonian's picture

Again, BITCHY, why did you think gold would tank.. And now when proven wrong your in bed or?

Debtless's picture

Let's recall the day after the original bailout vote FAILED - the 700 point drop on wall st., gold was slightly up and silver down big. Luck to all players.

rajat_bhatia's picture

That was bullish for Dollar, pal. Thats the explanation :))

Debtless's picture


EUR/USD = Hit S1 1.4520 reversed up to +17 pips on 1st Hit and up to +44 pips before end of day.

 GBP/USD = Hit S1 1.8335 stopped out with -38 pips.

 USD/CHF = Hit R1 1.0950 stopped out with -35 pips.

 USD/CAD = Hit R1 1.0362 reversed up to +15 pips on 1st Hit and up to +25 pips before end of day.
 USD/JPY = Hit R1 106.50 stopped out with -33 pips.

 EUR/JPY = Hit S1 154.20 reversed up to +88 pips.

traderjoe's picture

I (like most here) believe this is all Kabuki theater. But I am surprised by the extent of it all. What does it all mean? What is the grand plan? Or are these Congress Critters not working to script? 

The PTB should want austerity now - the only way to extend the payments on their ill-gotten sovereign debt, and a further transfer of wealth to their pockets. 

Time for a refill on the popcorn...

Tuco Benedicto Pacifico Juan Maria Ramirez's picture

The grand plan of the globalists as stated in their white papers is to implode the U. S. Dollar and the world economy thereby ushering in a one world currency the SDR (special drawing rights) which will lead to even further global control by the corporate fascist state.  It is called problem, reaction solution.  Create a problem and subsequent panic reaction and come in as the saviors with the solution which you wanted to implement all along.  These demons are masters of that but they may have bitten off more than they can chew this time around.  Let's hope so, but the outcome will be ugly either way.


Tuco Benedicto Pacifico Juan Maria Ramirez

caerus's picture

check out short term support in the USDX at around 74 then 73 not much support after that

Re-Discovery's picture

much ado about same thing

tom a taxpayer's picture

Famous last words:

Boehner: “Over this weekend Congress will forge a responsible path forward.”

Pelosi: “The only thing is that it has to happen, ...We cannot default, and I want a long-term extension.”

franzpick's picture

"It has to happen, so we can read what's in it, like I said about owebamacare".  What a b*tch.

darkstar7646's picture

Basically, it would be time to abjectly short the phone book if this market were not so completely rigged.

Moe Howard's picture

I am not a financial professional, can someone here help me?

When they say "Asian Markets" are they talking about the Asian PM markets, meaning the "spot price" of Gold and Silver?

Because I don't give a rat's ass about any other "Asian Markets".

cosmictrainwreck's picture

most likely refer to stock, etc start 6pm EST er, uh EDT?

Transitory Disinflation's picture

They will see what happens before announcing anything.  They have to test the water don't they?  All this talk about imploding markets is just more theatre!

We are also being conditioned into the BTFD mentality but one day it will not work, well that is what I think, who can time this tho?

No matter what anyone says about AU/AG it will not go away and if it implodes it is likely that eveything will be imploding but AU/AG will be better than holding a load of nothing, if AU/AG goes to $1 oz then you know your worth more than a cash horder, edible or not it will rein strong.

The overload of information on a failed debt deal makes my sense's tingle, something is afoot, good or bad.

Printy printy will antagonise the squinty!

oogs66's picture

until they mentioned it, Asian open did seem a particularly important deadline

r101958's picture

I surmise that it is not bad at all for the dollar if there is no deal. As a matter of fact, it may seem like the House might actually hold the line on more debt spending.

HungrySeagull's picture

It matters not.

End of the road.

darkstar7646's picture

No deal means abject END OF THE LINE.

All commerce would basically go full stop for one reason or another.

Kali's picture

Popcorn - check

Beverages -check

PMs -check

BBB's - check

Let the show begin!  Gonna be a hilarious week.  Argh.

GiantWang's picture

I know the suggestion of buying dips was meant t be sarcastic, but until that method fails, it's surely better than betting on financial Armageddon, which has been predicted again and again but never happens. If the market does collapse, we're all fucked anyhow, so why not play the "riskless" bet advocated by Bernake?

Collapse will come only when a dissident minority faithfully execute Project Mayhem. Otherwise, markets will remain open and have little effect on day to day life. As Anne Frank said when the world was literally being destroyed around her, "Life goes on."