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IBEX: The Sequel
Was it only yesterday that we showed a chart of IBEX's big positive moves and the subsequent actions? The news this morning, after IBEX bounced off decade lows yesterdays in its dead-cattedness, that the Spanish banking system bailout is considerably smaller than expected (EUR15bn against expectations of EUR30bn and our own discussed estimates that they need EUR58bn) and sure enough IBEX (and Spanish sovereign bonds and financials) are all re-plunging.
Chart: Bloomberg
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What are the total short positions? Somehow JPM had to know this was coming.
Their has to be something else they are hiding that they can blame on hedge funds, otherwise they would have never come clean on a mere 2b trading loss
Dominoes are beginning to topple. We will know in a few days when all markets have crashed!
Might have some emergency weekend meetings which harken back to 2008.
And on a Thursday, not a Friday. What is the Morgue trying to head off so urgently?
Next up: Blythe and Bruno Madskillz appear on Dancing with the Stars.
You damn well know there is something else being hidden. JPM is the freaking Fed and the "market" to a large extent. But I digress, the real wealth transfer will occur when gold and silver get re-valued. JPM said it himself - "gold is money, everything else is credit." This has always been at the core of the company. Does anyone know what JPM's contracts are related to gold "leases". Yes you can lease gold, but with JPM it looks like the physical metal never leaves the vaults.
head and shoulders bitchez
Somewhere, shit is beginning to run down Ben's leg..
nah. All he sees is deflationary pressure. He then does an estimate on printing press capacity and determines if he needs to bring more on line or capacity is sufficient.
On the contrary, that fucking sociopath is enjoying the desperate pleas for more QE.
Damn tyler who are you and why do you know so much...Your my and my kids inspiration
Taking away the "art" bit from trading and making it a science, along with financial engineering etc...
And setting up the rules to to make the market "forecasting" easier and "risk free" via various mathematical and statistical modellings...
There had to be some renegade and offended Genius (most probably suffering from OCD) who'd come come along and spill all the beans.
Something like a Masked Magician revealing all the tricks.
In all honesty, I wish I was as good as Tylers. Yes Im envious and THANK You Tylers for all you have done!
... I think I skied that slope in Beaver Creek this winter ...
Here's what I don't get. We see what is happening quite clearly. Are the Europeans so deluded that they truly think there is a way out of this? Do they really think that printing Euros will bring "growth" Do the Spanish think they are suddenly going to start gaining jobs? If "austerity" was overblown (cutting rates of increases) then "growth" in the usual sense is unknown. It is not increasing the size of government.
We just swing it here in Europe. Act later, plan later.
It's how we won the war against the Germans in 1940...
No you won the war by having us bail you out. Just like it will happen this time only winning is not an option.
Um, it's black humor. Please read it again.
No no... we where totally winning it in 45 and than you guys showed up to steal the show!
we needed material for Hogan'sHeroes
and something to do with all this hemp, too!
What's this 'we' shit, Belgian Waffle? Three whole weeks from invasion to surrender...that's #Winning alright.
we just waited for the right moment to strike...
IT'S CALLED STRATEGY!
make them think they are winning...
and suddenly...
BAM!!!!!!!! TATATATATATA!!!!
And 4 weeks later we gave a beach party to celebrate our conquest over the Germans in Normandy and invited you guys.
Open bar... and suddenly it was like every American GI felt like storming those beaches...
We fired our marketing guy for it back than because he forgot to mention that it was a black ty party and everybody had to dock their boats in the harbor 5 miles away...
He said he emailed it to you guys but since we only invented the internet in the 50's nobody really believed his excuse.
Don't you guys read the history books?
it was the Russian winter what turned it.. Hitler over-reached himself going for the big land grab and wasn't prepared for a -20/-40 Degree onslaught up in Moscow on his troops ..they froze in their Panza tracks
BONAPARTE'S RETREAT (willieNelson)
They know they're screwed, And there's no way out of it. It's all about kicking the can down the road and plundering as much wealth as they can.
Of course not. That's why it's called "extend and pretend". Just act like everything is jake. Walking past the graveyard, whistling in the dark.
GS is, more or less, short IBEX.
Michael Mross: Final Nail In The Euro's CoffinRT:What would be the implications if Greece was to turn its back on austerity measures and reject the bailout plans?
Michael Mross: The days of the euro would be counted if this were to happen. And this is what many people here in Germany predicted at the beginning, when the euro was established. What we see is a programmed crisis. It’s very sad to see these things developing, but it was more or the less planned within the eurozone. Such different countries as Greece and Germany do not fit into one currency, so at the end of the day, Greece is not able to fulfill the austerity plans that are promised. No country is able to realize austerity measures. This means that people go to the streets; this means that there is more violence, more political insecurity and that the country also becomes impossible to govern.
http://www.webcompact.net/index.php/news/29829-michael-mross-final-nail-in-the-euros-coffin
$STD @ $5.41 might get it done.
I think a big unwind is beginning to happen as these yahoos try to unwind or protect positions. (It probably started a few weeks ago.) We're going to see a good spike in volatility and confusion in coming sessions.
I have a feeling that gold and silver weakness is related to this big unwind. Think collateral calls that must be posted in USD. What may be interesting is that they are selling/liquidating paper gold while sovereign banks are buying the physical which could set up a monster squeeze one of these days. FWIW
Agree.
The very week that Bernank yelled "All Clear" when he said that credit conditions have eased markedly, now this happens
The Bernanke better get ahead of this thing, it could get out of hand fast.
Gold holders have to be punished first. When gold crashes then he can hit print because it'll show that Gold is not a store of value when deflation hits thus ending the bug's argument.
Punished???
Are you calling as Masochists???!!
"thus ending the bug's argument." - Yes, at least until WWIII breaks out. The printing has never stopped because with ZIRP there is no cost for creating capital, right? Well none for the banks anyway. For the real innovators, and creators that is another story. Is it really any surprise that the value-added businesses and innovators are sitting on the sidelines? End the damn Fed already.
All the gold bullion in the world is about $3.2 trillion and maybe $4.8 trillion at a maximum. All the gold mined in human history is $8 trillion.
US debt increases by $1.5 trillion a year and unfunded liabilities increase by $6.9 trillion a year.
Debt growth in Europe and Japan is not far behind the US.
Gold is far more likely to double than crash but paper manipulation of the ETFs can cause temporary depressions in the price of gold but it will be difficult to engineer a crash even for the Bernank.
Closing low of the IBEX was 6817.40 on 9 Mar 2009.
Wednesday's close of 6812.70 was a fresh post-crisis low, but by less than 5 points.
Today looks like a retest of the break of support, with more vigor.
p.s. Tyler -- 'deadcattiness' is the preferred adjectival formulation.
Come on 1550. Daddy has some orders he wants to put in.
Is there a reason not to have a tag category for "Spain"? You had one for Greece, that made searches easy. Thanks, (yes, I am asking nicely)
How many more ES contracts will the Fed own by lunch time, that's my question.
Gold is Money, everything else is Funny.
http://i0.kym-cdn.com/photos/images/original/000/140/872/charles%20Bennett%20haters%20gonna%20hate.jpg
Nice to have that JPM nuiscance hiccup behind us. Now back to the business of inflating these equities back up.
Captain Bernanke, set the switch from Suck to Blow!
"re-plunging" was xlnt there, tyler
keep drinking!