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Hope On. Hope Off

Tyler Durden's picture



European equity markets...


And European Sovereign Bond markets...


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Thu, 08/02/2012 - 09:28 | 2671830 EZT
EZT's picture

is this just the beginning

Thu, 08/02/2012 - 09:36 | 2671874 bank guy in Brussels
bank guy in Brussels's picture

Just a 'continuing' ... of a euro-farce yet to unfold in multiple stages yet

Need that big 'crisis' yet, to allow the big QE, bond-buying & etc

Still might be a while ... maybe later in August, maybe September, maybe even later ...

Our popular Euro-Football match of 'Tough Germanic Bankers' vs 'Latin Money Printers' is getting good ratings, so the show can continue for a while

People around the world believe it is a 'Real Fight' here ... though it is actually the Pro-Wrestling-Model at work, like in the US Presidential Pro-Wrestling of 'the Mormon' vs 'the Muslim' aka Gay-Basher vs the Gay-Arranger ...

As Jim Sinclair has long said:

« QE is coming. About that there is no doubt ... but not on anyone's schedule ... »

Thu, 08/02/2012 - 09:55 | 2671986 dow2000
dow2000's picture

"hope is not a strategy"

Thu, 08/02/2012 - 11:17 | 2672348 Lost Wages
Lost Wages's picture

Hope on a rope... with a noose at the end.

Thu, 08/02/2012 - 11:54 | 2672498 merizobeach
merizobeach's picture

"making it up as you go along is not a plan"

Thu, 08/02/2012 - 09:29 | 2671832 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

Draghi: "It's pointless to short the Euro"


lol me

Thu, 08/02/2012 - 09:33 | 2671859 Itch
Itch's picture

Tell that to the guy who just had his offer filled at 1.24.

Thu, 08/02/2012 - 09:43 | 2671926 Muppet of the U...
Muppet of the Universe's picture

I swear to god they are engineering this market with their commentary and shit.  Like, they fucking time everything they do, just fuckin right.  especially in currency markets.  It's amazing.

Thu, 08/02/2012 - 09:50 | 2671964 CrashisOptimistic
CrashisOptimistic's picture

What is it about "headline reading algorithm" you do not understand?

Do you think the algorithm designers cannot talk to the media to tell them what is looked for?

STOP TRADING.  Get out of the market.  It no longer exists.

Thu, 08/02/2012 - 09:53 | 2671977 Manthong
Manthong's picture

Um.. It’s called “Communications Policy”.

Back in the days when there was a semblance of morality, it was called “propaganda”.

And yes, it is an engineering process.

Thu, 08/02/2012 - 09:58 | 2672003 Itch
Itch's picture

...they have only been doing it for the guts of a few hundred years. Big fish eat the little ones mate,(when they can).

Thu, 08/02/2012 - 10:06 | 2672040 FedBunny
FedBunny's picture

Misplaced comma: Big fish eat the little ones, mate (when they can).

Thu, 08/02/2012 - 10:16 | 2672083 Itch
Itch's picture

Thank you for taking the time out from your chaotic masturbation schedule to correct me.

Thu, 08/02/2012 - 10:46 | 2672218 mvsjcl
mvsjcl's picture

Why the negativity? I found it slightly humorous.

Thu, 08/02/2012 - 09:35 | 2671872 piliage
piliage's picture

Mario Draghi, the Court Jester of Kickanistan.

Thu, 08/02/2012 - 09:49 | 2671961 saturn
saturn's picture

Euro is irreversible!!!

Thu, 08/02/2012 - 11:57 | 2672512 merizobeach
merizobeach's picture

"Do you hear that, Mr. Anderson?  That is the sound of Inevitability."

Thu, 08/02/2012 - 09:30 | 2671842 DavidJ
DavidJ's picture

This crazy back andf forth must be hurting investor confidence.

Thu, 08/02/2012 - 10:01 | 2672013 Hype Alert
Hype Alert's picture

The machines love it.  Investors, not so much.  The more retail investors check out of the racket, the more it's just left to the machines and becomes easier to "intervene",  with what was once called manipulation.

Thu, 08/02/2012 - 09:31 | 2671846 insanelysane
insanelysane's picture

The euro is irreversible.  I do not think that means what he thinks it means.

Thu, 08/02/2012 - 09:40 | 2671878 Biggvs
Biggvs's picture

The Euro dropped during my statements? Inconceivable!

First it was Simon "Harry" Potter, and now Mario "Vizzini" Draghi.

Thu, 08/02/2012 - 09:48 | 2671947 Muppet of the U...
Muppet of the Universe's picture

maybe he just chose his words wisely. 

Notice.  He never lies.  He never does anything illegal.  Ever. 


In fact this entire collapsing of the world economy... was completely legal. 

The only people that have broke the law are the occasional trader, pretty much every bank trader, and politicians.

The only people to blame?  The sheep.  Crime?  Embracing Idiocracy.

Thu, 08/02/2012 - 11:53 | 2672493 merizobeach
merizobeach's picture

I used to enjoy laughs like this almost everyday on ZH.  Ah, thanks for that.  :-)

Thu, 08/02/2012 - 09:31 | 2671848 LULZBank
LULZBank's picture

I thought EU had 5 days to sort it all out, as per Soros.

Thu, 08/02/2012 - 09:31 | 2671849 viator
viator's picture

Seeking Alpha " Draghi all hat, no cattle"

Thu, 08/02/2012 - 09:31 | 2671850 Gandalf6900
Gandalf6900's picture

The can fell off the cliff...

Thu, 08/02/2012 - 09:34 | 2671864 IndicaTive
IndicaTive's picture

Someone should go after it.

Thu, 08/02/2012 - 09:37 | 2671887 LawsofPhysics
LawsofPhysics's picture

Didn't occur to you that you are in the can did it?  Just saying.

Thu, 08/02/2012 - 09:47 | 2671948 Biosci
Biosci's picture

That explains the vertigo.  I thought it was just my hangover.

Thu, 08/02/2012 - 09:38 | 2671888 Gandalf6900
Gandalf6900's picture

do bank turds have wings?

Thu, 08/02/2012 - 09:32 | 2671852 Cognitive Dissonance
Cognitive Dissonance's picture have it all wrong. Draghi is just setting up the markets for the next verbal blow job.

<Yes dear, I just said blow job on ZH. No dear, I'll never say blow job on ZH again.>

Thu, 08/02/2012 - 09:35 | 2671869 MsCreant
MsCreant's picture

Aural sex?

Thu, 08/02/2012 - 09:57 | 2671987 Cognitive Dissonance
Cognitive Dissonance's picture

Financial porn without the laugh sound track just doesn't do it for me. Butt......whatever floats your financial boat is fine by me. :)

Thu, 08/02/2012 - 09:37 | 2671882 TheFourthStooge-ing
TheFourthStooge-ing's picture


Draghi is just setting up the markets for the next verbal blow job.

...and when Draghi drags Timmah into the mess, it'll be Rim Tim Tim.

(Urgh, I threw up a little just typing that.)

Thu, 08/02/2012 - 10:25 | 2672120 Nobody For President
Nobody For President's picture

OK ZH Cheerleading Squad, let's hear it:


Rim Tim Tim!

Lie Draghi Lie!

Central Bankers

give Us Pie in the Sky!

Thu, 08/02/2012 - 09:51 | 2671922 fuu
fuu's picture

He best start tickling the Brusca.

Thu, 08/02/2012 - 10:06 | 2672036 TheFourthStooge-ing
TheFourthStooge-ing's picture

"I got my big feet in the window,
and my head right on the ground."

Thu, 08/02/2012 - 09:32 | 2671853 Need More Cowbell
Need More Cowbell's picture

Draghi is a lying douchbag!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Thu, 08/02/2012 - 09:32 | 2671855 Genève Barbegazi
Genève Barbegazi's picture

just wait until everyone comes back from vacation....

Thu, 08/02/2012 - 09:33 | 2671857 Hype Alert
Hype Alert's picture

What were they thinking?

Thu, 08/02/2012 - 09:33 | 2671858 Cursive
Cursive's picture

The fact that reporters are openly mocking Draghi (who looks like a cheesy Peter Sellers spoof character) only exposes the financial media for the fawning idiots they are.  Why did no one in the financial media (save Zero Hedge and a few individual commenters like Mark Grant) call Draghi on his bluff from last week.

Thu, 08/02/2012 - 09:35 | 2671870 azzhatter
azzhatter's picture

Steve LIESman- "This is big"

Thu, 08/02/2012 - 09:38 | 2671889 Clueless Economist
Clueless Economist's picture

LIESman isn't talking about his rod, thats for sure.

Thu, 08/02/2012 - 09:37 | 2671886 bdc63
bdc63's picture

that question almost implies that you think we still have a free press ... we don't.

Thu, 08/02/2012 - 09:43 | 2671924 HarryM
HarryM's picture

And later today, as usual, we'll be staring in disbelief as the board turns green

Thu, 08/02/2012 - 10:03 | 2672022 dwayne elizando
dwayne elizando's picture

Nasdaq went green for a moment already.

Thu, 08/02/2012 - 09:33 | 2671862 BandGap
BandGap's picture

And all this because the ECB can't buy more debt? Step back and think about it. This is like a classic seventh grade boy-girl breakup/makeup/breakup..........

Take your medicine, Drago.

Thu, 08/02/2012 - 09:34 | 2671865 insanelysane
insanelysane's picture

Queue the Billy Joel song, Goodnight Saigon.


And we would all go down together

We said we'd all go down together

Yes we would all go down together


Thu, 08/02/2012 - 09:40 | 2671913 Clueless Economist
Clueless Economist's picture

Queue the Charlie Daniels' song, Still In Saigon.


My Brother calls me a killer, my daddy calls me a vet.

Thu, 08/02/2012 - 09:34 | 2671866 mrktwtch2
mrktwtch2's picture

can you spare some hope for some change..i will pay you in

Thu, 08/02/2012 - 09:36 | 2671873 LawsofPhysics
LawsofPhysics's picture

Enough with the jawboning, get to the blowjob already.

Thu, 08/02/2012 - 09:36 | 2671875 Peter K
Peter K's picture

And Draghi is correct. He didn't say anything about buying bonds in London. :) Bitchezzzzz.

Thu, 08/02/2012 - 09:37 | 2671884 milanitaly
milanitaly's picture

Draghi waits for critical moment to act.?

It's right now the moment stupid Italian man.

Thu, 08/02/2012 - 09:38 | 2671891 Yen Cross
Yen Cross's picture

 That press conference could have been summarized in one sentence. " The ECB is keeping rates @ .75% , and have a shitty day..."

Thu, 08/02/2012 - 09:45 | 2671936 madcows
madcows's picture

So, dropping it to .5 or .25 would have mattered?

The FED is at zero and our economy still sucks, and our banks are still bankrupt.

Go ahead, take a trillion dollar loan at 0% and see if you can pay it back... "but, but, but the interest payments are $0..."  Right, and the priciple payments are more than you have in your piggy back.  have a nice day.

Thu, 08/02/2012 - 09:38 | 2671893 caimen garou
caimen garou's picture

drago is his name bullshit is his game! and game is on.

Thu, 08/02/2012 - 11:09 | 2672309 Instant Wealth
Instant Wealth's picture

... and his first name isn't Mario

... it is Marionette

Thu, 08/02/2012 - 09:38 | 2671896 Hype Alert
Hype Alert's picture

So we're right back to where we were on July 24, but a few more Q3 revisions down?   Haha, nice move central bankers.

Thu, 08/02/2012 - 09:39 | 2671899 theTribster
theTribster's picture

Shaping up to be the worst September in the history of the financial markets. The crash will start in earnest in the next few weeks, by September things will begin the path to chaos. The markets and the participants are stealing the last little bit before the end.

Thu, 08/02/2012 - 09:42 | 2671918 MsCreant
MsCreant's picture

How do you make this determination? It has been going on for so long now...Kick the can is a hell of a sport.

Thu, 08/02/2012 - 09:47 | 2671949 dwayne elizando
dwayne elizando's picture

Stop it you're scaring me and my xanax script doesn't get filled till next week!

Thu, 08/02/2012 - 09:40 | 2671903 MsCreant
MsCreant's picture

I watched my father in law's company go bankrupt. So much denial. Even mortgaged his paid for house to try to save the company. Went without pay, his kids who worked for him went without pay for almost 2 years (I know, I was the spouse carrying this one). Everyone around knows what is happening, but they just can't own it. Finally, when the bank took the family home, reorganization HAD to happen.

Wonder what the equivalent here is?

Thu, 08/02/2012 - 09:42 | 2671921 Hype Alert
Hype Alert's picture

The equivalent here is to lie some more.  Yes, eventually the walls will collapse, but until the lies stop working, they will continue.

Thu, 08/02/2012 - 09:48 | 2671950 FlyoverCountryS...
FlyoverCountrySchmuck's picture

They received "HOPE!-N-CHANGE!". You didn't REALLY think Unicorns existed, did you?

As the Chicago Socialists have been preaching for decades, you can't have REAL Soccialism without first destroying the economy, to the point where the sheep BEG for Socialism to save them.

Thu, 08/02/2012 - 10:05 | 2672034 Winston Churchill
Winston Churchill's picture

HHear you there.

Its amazing hoe long you can keep the creditors at bay.

They trust you,until they don't.

Then poof, everything happens at once.

Thu, 08/02/2012 - 10:07 | 2672046 slyhill
slyhill's picture

It isn't equal. They are thier own creditors. They are their own debtors. They will not forclose on themselves. It would be inconceivable to them, an impossibility.

They own the bond holders. There is nothing bond holders  can do without impairing thier own positions.

Best we can hope for is they start to feed on themselves. MFG / PFG / Knight type events start to propagate and intensify.

Sorry to hear about your families company.

Thu, 08/02/2012 - 11:33 | 2672412 MsCreant
MsCreant's picture

Thanks. It was a long time ago, but it did help break up the marriage. Everyone was in denial, except me and my mother-in-law. No one cared what we thought. I was looked at as Debbi Downer for saying what I thought to be true. My mother in law and I were the ones supporting these guys while they lost more than they needed to by digging the holes deeper. Not all bankruptcies are the same, but man this feels emotionally similar.

Thu, 08/02/2012 - 09:40 | 2671909 gjp
gjp's picture

Just watch this go green in minutes.  This market is high on denial.  Climbing a 'wall of worry', price generates its own positive spin.

Thu, 08/02/2012 - 09:42 | 2671919 john_connor
john_connor's picture


Thu, 08/02/2012 - 09:46 | 2671940 optimator
optimator's picture

While waiting for the QE, the PPT will make sure we don't drop much.

Thu, 08/02/2012 - 09:47 | 2671942 Kreditanstalt
Kreditanstalt's picture

RUN!!!!    Buy USD!!!!    SELL EURO!!!!   A "no-brainer" for sure...

The REALLY perverse thing is that GOLD is supposedly a "risk asset"!!!!!!!?!?


Thu, 08/02/2012 - 09:49 | 2671955 Getting Old Sucks
Getting Old Sucks's picture

I'm taking orders now for fresh popped pop corn delivered on Novembered 6th.  Fitty cents a bag.

Thu, 08/02/2012 - 10:10 | 2672056 Haager
Haager's picture

I'm shy to pay 50cent now, but I have the idea that the price will climb very soon.

Thu, 08/02/2012 - 09:50 | 2671963 CvlDobd
CvlDobd's picture

I'm with the fonz

He talke the fucker up by 5% and spy falls .49% when he doesn't deliver. Central banks won this round.


Thu, 08/02/2012 - 09:50 | 2671965 youngman
youngman's picture

I am starting to hear a little "that is all" from the talking heads...kind of like when you buy that ticket at the county fair to see the WORLDS BIGGEST RAT......and all there is a big feel kind of stupid...


Thu, 08/02/2012 - 09:51 | 2671966 wagthetails
wagthetails's picture

the Central banks pumping hope will win 99.9% of the time.  Basically, becasue there is always hope, until there isn't any.  So the hope gets 5-6% gains in the markets, and the disappointment only takes it back another 2-3% as there is still hope...and so goes the (almost) never ending step-up in markets....all leading to another giant central bank caused bubble.  just don't go broke trying to time it. 


Thu, 08/02/2012 - 09:55 | 2671983 Rick64
Rick64's picture

Draghi is really showing those speculators who is boss.

Thu, 08/02/2012 - 11:27 | 2672097 MsCreant
MsCreant's picture

He actually is, isn't he?


edit: And it ain't him.

Thu, 08/02/2012 - 09:56 | 2671992 Satan
Satan's picture

When all you got in your bag is a defibrillator , you have to wait for the patient to die before you can treat him...and hope for the best.

Thu, 08/02/2012 - 09:57 | 2671994 Hype Alert
Hype Alert's picture

More good news from ANF, not.  That should help SPG defy gravity some more.  Individually stocks are getting hammered one by one, but the market keeps it's hopium going.

Thu, 08/02/2012 - 09:59 | 2672008 Zgangsta
Zgangsta's picture

Spanish 10 year bonds back over 7%.

Time to fix Europe again!

Thu, 08/02/2012 - 10:45 | 2672214 localpacific
Thu, 08/02/2012 - 10:50 | 2672231 Doublescythe
Doublescythe's picture

Jeremy Grantham is right about one thing - "Let's get it over with." 

This market needs to break down already - I continue to be heavily hedged with a short bias.

As a result, I eek out very small gains every week (except for my AAPL position that has just ripped all year).

I need some kind of mini-collapse to make my year.


Thu, 08/02/2012 - 11:26 | 2672397 MsCreant
MsCreant's picture

If it really crashes, can you trust your counterparties to have what they need to cover?

Thu, 08/02/2012 - 11:31 | 2672409 warezdog
warezdog's picture

A good coat of fire would fix it.

Thu, 08/02/2012 - 13:45 | 2673067 ATG
ATG's picture

Sold to Close Long SPY Aug 136 calls at a loss today (our first) since 2 July 2012.

Bought to Open Long SPY puts with news Kofi Annan resigned as Syria peace envoy, 0 officially arming "rebels,"

Ayatollah Khamenei says war in weeks, Israeli former Intelligence Head agrees and Putin put strategic nuclear missiles in Cuba.

Maybe better prices for the puts ahead ~ we'll see...

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