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Idiot Market Jumps On 12 Hour Old News Of Yet Another Chinese Euro Bailout, Since Refuted
Apparently the latest news driving the market is this from AP, which hit the tape 12 hours ago:
China and other emerging powers have agreed to help eurozone countries facing a debt crisis by taking part in a bailout fund, the China Daily said Wednesday, citing a source close to EU decision makers.
The state-owned English language newspaper said leading emerging economies would help to finance the rescue fund through the International Monetary Fund, which would boost their voting rights in the Washington-based lender.
The agreement may be written into the final document at a second emergency summit of European leaders, due to begin later Wednesday, the unidentified source told the newspaper.
Further details on China's investment were not provided.
This would be wonderful, if only it wasn't refuted 3 short hours later by none other than Reuters:
China has backed efforts to tackle the euro zone's debt crisis but there is currently nothing concrete concerning support for a special purpose investment vehicle (SPIV) of the euro zone's bailout fund, a Chinese diplomat said on Wednesday.
"China always supported the EU's effort to deal with the crisis and has done its bit," said the diplomat, who is based in Brussels. "China will continue to do so but, with regard to the special purpose vehicle, there is nothing concrete and detailed."
Sigh.
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Cue the ping-pong players!
Don't be like that Tyler, can't we just PRETEND it's new? The only thing we have to fear is reality and math! If we conquer those, stocks will go to the moon! Stop trying to hinder progress!
hope it goes higher....I want to grab FAZ at 40.
TZA slides faster, volume is about the same. Both FAZ and TZA are at the "buy" level again depending on the time of day you are looking...
"The only thing we have to fear is reality and math!"
AND SPIDERS!
Here you go!
http://www.youtube.com/watch?v=vkk8kMm08cA
Is the music in the background the equivalent of Chinese rasta? LMAO! Nothing says Rasta like Yangzee
You never go FULL RETARD!
Just another RICroll.
EU bids to slash Greek debt by third
Leaders target 120% of GDP ratio by end of decade - FT front page
WHAT A JOKE...and I worried about my shorts...
I'm no fan of Paul Krugman, but I don't doubt these numbers.
Re: Iceland/Ireland CDS -
NYT, Oct. 25 - 'Prices are down from a spike last summer, but still very high. And for the record: as of posting time, the Irish 5-year CDS was 776, the Icelandic 5-year CDS 280.'
From Golemxiv:
'Unemployment in Iceland is 7% while in Ireland it is about 14%.'
These numbers are not lost on anyone in Europe. They all know what the answer is, it's just a matter of time. First ones out win.
I thought it was because i farted. Sorry.
The idiots are those humans who read this news earlier and didn't know it's healing, soothing powers...only later artificial computer genius knew the significance and thus the rally?!? Fukking HFT, algo genius knows no timeline.
Pity Tyler(s) for they stumbled accross this pearl but threw it back into the sea!!!
BREAKING
U.S. stocks rally on Europe-related reports
Rally time bitchez...Federally mandated too!!!
I can hardly wait to see how the market reacts to this:
Just in: AP (submitted 9-Nov-1513) Spanish emissary Hernando Cortez has informed the European financial leadership that he has secured gold backed funding from Banco Montezuma Mexicana sufficient to recapitalize all Eurozone countries and banks.
hilarious. its baffling me that the markets continue to melt up. especially as the haircut clause will be creating a domino effect on recaps and sovereign debt confidence to be sure, per dow jones: Bigger Haircuts Would Make Greek CDS Trigger More Likely: http://ow.ly/79OCU
Not to mention Brazil, India and Russia have all said repeatedly they will not participate
Well, it gave us a nice countertrend a-b-c intraday pop.
Back to the lows, bitchez!
Knowing that underlying fundamentals always catch up to and beat down unicorns, rainbows & pixie dust, I find the short term moves (whether 3 years on a longer chart or 3 minutes on a much shorter one) comical.
Math, while cold and sterile, at least never lies (statistics do when 'massaged,' but that's not math; that's man warping or abusing math, and falsifying some part of the equation towards an ulterior motive), and that's where to always look to in order to glean the truth.
Math says the only 'solutions' to the EuroDebtapocalpse are a) extremely painful for equity and credit markets, or b) extremely painful for equity and credit markets.
Take your pick, and get your half-life bets on!
Or they could print and make it extremely painful on the masses instead.
The rich cant possibly be taking a haircut can they?
Well, reuters, like the guardian, should be another media outlet that should be shutdown for market manipulation...
... well, if this wasn't a fascist society it would anyway.
Fascist, socialist, communist, is there really any difference? We believe that there are but two forms of government: 1) People on top-government on bottom or 2) government on top-People on bottom. As Americans, we firmly believe our Founding Fathers tried their level best to give us #1. How it slipped through our hands is well documented and sad sad sad.......
Seriously, WTF?
you must be new around here.
you owe me a monitor. Just spewed diet soda all over it. Funny.
If only I knew they were going to do that 10 minutes prior.....
10 minutes earlier was when I bought my SPY puts. Sheesh.
At 1275ish the lastest I'd put on some nice shorts, for starters!
Totally - when the S&P hits 12,750(ish) I'm totally going short!!!
Are you sure? Maybe they have another rumor not public yet.
In order to trade this market, you have to BE an idiot or hire one.
if that's true than Tilson really must be a genius...
Algo search routines must be glitched and running behind 12 hours?
Idiot market or algos?
Um, I thought there was supposed to be a shock and awe decision out of Europe today?
Do they normally wait till the evening?
THE TRUTH IS THAT CHINA AND BRAZIL WILL BE BACKING THE EFSF - GET READY FOR MORE FREE MONEY IN THE SYSTEM AND GOLD PRICES SKYROCKTING 3,000 OR 4,000 USD THE OUNCE...
stick to funky ties and fashion, ted. Economics seems to be a little beyond your grasp.
Must have missed this last night: http://www.zerohedge.com/news/brazil-refuses-buy-european-bonds-dashing-...
I heard from my brothers dry cleaners cousin's girlfriend who was just in getting her nails done and she heard from the girl doing her nails that he best friends neighbor in China who runs a rickshaw overheard some men talking about a bailout.
So this must be true.
Buy the rumor!
I heard it's cos Germany is gonna take over Crete & Mykonos in exchange for bailing out the Greeks all on its own, and the French & co don't have to do anything now, and can spend their money bailing themselves out.
And now they won't have to have a designated German who wakes up at 5:00am and puts out towels all on all the prime pool-side loungers whilst the rest of them sleep until 10:00am.....they'll own the whole damn thing & will tell the Brits to bugger off and put their beach towels by the entrance to the toilets!
I bet the statement says "We sure would like the emerging economies to put money in our SPV" - market up 40 points on the wish
I made the mistake of keeping a stock for 23 seconds. sorry.
Let Liesman run with this old news, and see if the algos can push S&P past 1238 to break through the bearish H&S on the 5-day.
SPY was just filling the gap up and is bouncing off of that. Not every move is based on news.
you mean the HFT's which are linked to all trading accounts, are engineered to run through all stops and limits!
By Rodrigo Orihuela, Camila Russo and Laura Price - Oct 26, 2011 11:48 AM CT
The decision by Fernandez, who nationalized the $24 billion pension fund industry and has called for a limit on purchases of farmland by foreigners, is part of an effort to slow capital flight estimated at $3 billion per month that is draining central bank reserves. The policy may make it harder to attract foreign direct investment to Argentina that the United Nations estimates fell 30 percent in the first half of the year.
http://www.bloomberg.com/news/2011-10-26/argentine-oil-mine-exporters-or...
...for those thinking about moving to Argentina....
The other side of this story is that they will have to let the peso slide ... maybe to 6 to the dollar ... making Argentina cheaper for foreigners with dollars or euros.
next rumour is that the 1932 depression has ended!
[[ news flow trading is taunting an attack ]]
G-20 and the big few central banks along with some SWFs are huge, insidious and there will some truly awesome and shocking steps taken as failure is not an option
contract laws, financial accounting standards(a complete fraud anyway), treaties, ownership, and anything else in the way will be plowed over
Dow always jumps between now and end of day .. especially if theres something bad happening (euro clown act), plunge protection team putting US tax dollars to good use.
I heard that Khaddafi's bloated body has stirred in the hot desert sand. It's gruesome visage uttered one painful line:
"Can...I...please...buy...some...Eurobonds?"
BUY
Stay short: if a refuted rumor is the last hope "plan" then the EU is toast. Stay tuned for the crash when the world discovers there is no "comprehensive, definitive, world-historical" plan.
love how the eur always puts on a PERFECT 100 pont move... every time like clock work
DERP
It does not have anything to do with China. It may not have to do with any news. The markets (currency, stock...) are hijacked by a group of traders. You never know whats going on in their mind. They are dictators (please remeber to lecture me of free and efficient market).
Market is like a drowning man clutching at anything it can get it's hands on to keep from going under. A market not of fundamentals but of interventions and rumours of intervention.
Ping Pong players. Perfect, just perfect. lolol
Maybe this is part of "the planning of a plan"?
but how in the world would u know that ITS THAT particular news....it could be anything ,.,OR NOTHING
'cause MarketWatch says so
http://www.marketwatch.com/story/us-stocks-rally-on-europe-related-repor...
CNBC just confirmed it. And that the news had been out for awhile. Nice try, though.
What part of 'deflationary collapse of the monetary system' is so difficult for people to understand ??
same old crap... dump, massive rally
This is beyond ridiculous... how many times have we heard this rumor already?
the engineered endgame is for a worldwide central bank! all else is an illusion!
Keep feeding the gumball machine the same slug (with the string attached)...
Why Gold and Silver - Full DVD - Mike Maloney for anyone who feels the need for a reality injection.
Subject: draft of euro zone summit statement being leaked
Euro zone plans to leverage EFSF bailout fund "several fold";
finance ministers
to decide details in November EFSF will have flexibility
to deploy two models-risk insurance and SPV- simultaneously,
according to leaked draft Further enhancements to the EFSF and
its resources possible through cooperation within the IMF
I could understand if the Norwegians would give up their oil wealth and hand it over to the EU in return for nothing. My impression is that Norwegian politicians in the past have been subject to sexual extortion a very large scale similar to what happened to the top spy Arne Treholt.
But the Chinese? I would expect them to ask for something in return, such as all big media in Italy, control of the Internet infrastructure in Italy and some Italians banks in return for a bailout. If they have no control over the debtor´s politics there is no guarantee at all that they will get their money back.
Ahhhhh....but this rumor is from the Irish Times. And it has the added benefit that the Chinese are probably asleep right now and can't refute it again
As I worte before, this is European efficiency
Bernie needs trillions to move up markets, europeans just a well timed (even an old one) and delivered rumour
Drones will be cheaper when made of carbon fiber and outsourced to China. You just won't see them in their air shows.
I think it'll sell off before the close.
(but you never know what a computer will do...)
HEY!! WE LANDED ON THE MOON!!! lloyd Christmas......
why not rally straight up (now tell me) on that news?
The whoremasters who run the show have figured out what it takes to pump the market:
1. Float rumors of more QE
2. Float rumors of more bailouts
3. Repeat
100% FUBAR market.
Chinese economy is not in such a great shape, as we all know. Russia is facing a deep recession, according to Russian Railway CEO. Brazil is facing its own challenges, and explicitly stated that EU does not need it to participate in the bailout.
http://www.reuters.com/video/2011/10/24/russia-faces-a-long-recession-says-russi?videoId=223833224
http://www.reuters.com/article/2011/10/26/us-brazil-economy-mantega-idUSTRE79P03520111026
Actually, the market jumped because Germany gave merkel a blank check at 2pm est. Sold my FAZ then too. The bailout is comming...better to short after the news.
We might get a move to Dow 12,200-12,300 before you can put on a short with any kind of confidence. The frustration is very high. Not sure how traders could be be buying into the financials with all that DVA crap. The Momo stocks are tanking and the fundamentals will show themselves soon. better to stay out of the way of this manipulation and hit the short either thurs or fri.
The company I work for sells Indonesian steam coal to the Chinese for their power stations - and demand there has collapsed in the past three months.
So much for the idea that Chinese growth is the new 7th Cavalry that will save the world economy.
This is a big test for China.
The main question becomes; 'How stupid is the Chinese leadership?'
If these guys get hoodwinked into a Europe bailout - even through more IMF contributions - with ZERO transfer of physical gold to China, then China lost (again).
Its like another Opium War, only the opium is EUR-USD.
China is still recovering from a 100 years of post Opium War financial and spiritual depression and then this? That war was the forced transfer of Chinese silver for drugs.
Has the silver come back?
If I was sitting in Head Office again, I would not bust a move on any of this 'barbarian sovereign debt' without the gold collateral being held in a China-based vault.
Funny how it keeps coming down to gold.
Knock, knock, knock, Penny. Knock, knock, knock, Penny.
Seems to me that Stocks seem to Hover rather than sell off waiting for the 2:00 or 2:30 news spike. Or sometimes the sell off.
With a 2 or 2:30 news spike it is hard to sell them off in the last 1 and 1/2 hour. Or with the news that causes a sell off, hard to get them to rally.
Interesting how they are creating trading opportunities.
I think that there are a lot of Hedge Funds and Banks that need to liquidate some of their positions. They need these spikes to sell into. They always need to sell into strength not weakness. Unfortunatly Shorts are taking a beating.
I like these spikes as they are trading opportunites. You know they are spiking it to sell so short and wait for them to sell into the strengh.