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IMF Package Denial Sends ES And EURUSD Tumbling
Well they bought the rumor and now comes the sell-the-news/rumor/denial part of the evening as Dow Jones cites an official that 'No Discussion Within G-7 Of Reported Large Package For Italy".
EUR lost 40pips and ES around 10pts as the latter compressed close to CONTEXT's broad risk view of the world.
In the meantime - Some comments, via Bloomberg, from China not helping sentiment
*MOFCOM'S CHEN: EU RESCUE FUNDING STILL FACES SHORTFALL :MOCZ CH
*MOFCOM'S CHEN: CHINA OBSERVING QUIETLY EURO SITUATION :MOCZ CH
*MOFCOM'S CHEN: WORLD ECONOMY FACES DOWNWARD PRESSURE ON EU DEBT
Chart: Bloomberg
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About time...
The market shrugged. Who wants to believe the truth when the lie feels so much better?
Merkel, Barroso, Van Rompuy and the rest of the eurozone junta must be shitting bricks.
Naah, they'll be long gone when the chips come down. Very few of the elite will take the fall for ANY of this.
If I had to pick, just one, I guess Jon Corzine (The Biggest POS on the PlanetTM) would have to be No. 1.
DCRB,
I agree with this choice of fall guy as even before receiving the Titanic Navigation Award for running MF Global aground, Corzine was widely viewed as a piece of shit.
Still, something just does not smell right about Corzine taking the big fall. Not with his kind of money.
He must have really pissed someone off, OR, perhaps it is all part of a larger agreement with Obama.
He snakes away with a pile of MFG money, keeps his mouth shut, then all of them (including the Solyndra crooks) get a pardon as Obama is leaving the White House for the last time.
Just sayin...
Unless I'm mistaken, Corzine hasn't taken a fall for anything... yet. GS elites who pay their club dues do not get punished. Maybe embarrassed, maybe shunned, but not punished. It's tradition and it's Fight Club Wall Street. The term "fall guy" is more appropriately used whn an underling goes down, either willingly or otherwise, in order to protect a big fish. Someone in the MF Global sphere is going to take the hit, his family will be taken care of and he will slit his wrists in a warm tub.
http://www.imdb.com/title/tt0071562/quotes?qt=qt0339704
right on!! the market could be up today regardless rumor being confirmed or denied. Those fools need a day to feel good after being beat up for the entire week last week.
A good number of major players are likely on the short side of the market and feeling just fine. It's the private and public pension funds and retail investors that likely got fleeced.
Work hard. Save (PMs) hard. Prepare hard.
Leave the markets to the manipulators.
Neither a borrower nor a lender be, for loan oft loses both itself and friend.
I told you...
"No cannoli for you!"
Ching-gao! Maybe all the bad news will make the markets go down for a change. Would that be logical? LOL...
This Asian Bearing is going to do what I usually do: buy gold when I get some extra dough. Which I wish had been last week...
Ching-gao! Indeed.
Immortalizing the words of Joaquin "el chapo" Guzman, uttered after the very erroneous mistakened identity highly professional machine-gunning up of Cardinal Posadas at Guadalajara Airport.......
"Esto se va a poner de la chingada."
And man did it ever.
+ 1 for "El Chapo"!
Ah, si, me hace recordar de varias chingadas... Inluye ESTA, que va a ser BIEN FEA!
Rough translation: hang on to your butts, this is going to get ugly!
--Statement to be made in not so distant future by an alleged highly trained, highly intelligent and highly 'degreed' expert whilst being interviewed by Steve LIESman, Scott Pelley, Erin Burnett, Becky B. Quick or Michelle Big-Caboosa Cabrera.
I-jo-le!
Asga sus nalgas!
At least there's all the low margin Black Friday sales to celebrate still. For an hour or two after open at least.
That's exactly what I was thinking when watching all the news reports/gloating over record consumption. Zero margins.
Is it really reality time? You can't make this shit up.
Reality this time? Recent history would suggest no, but the financial merry-go-round cannot keep going forever...
Although Rube Goldberg contraptions are very distracting, and can go on for quite a while....
http://www.youtube.com/watch?v=RouXygRcRC4
Wow, and i thought we'd get a least a 2 day bounce out of this.
Please put the remaibder of my chips on the bailout happens.
Hopium bitchez
+ 1
You would have gotten + $55,000 if you had taken off the "h" or said gold instead!
You have excellent taste in incense.
Whoever is inside these constant false rumors is unfairly making alot of money. Something about all this just seems illegal.
Yeh it's easier to buy the rumor sell the denial when you are the one spreading them, the cunts.
"Something about all this just seems illegal."
That is the funniest shit I've read in a while.
Yes.
Could that give us a hint as to how badly they need liquidity? To have to resort to these crazy rumor/no rumor pops and drops?
That's a really good point.
You know just taking a wild-assed guess, I say there's a chance this false rumor schnitzelgruben comes from Wall Street.
I know, I'm stretching.
Whoever is dumb enough to buy unsubstantiated rumor deserves to take a loss. There's nothing wrong with waiting for the situation to play out. The stock market isn't going anywhere, and if things truly are "fixed" (ha ha) there will be plenty of time to buy.
why deny it so quickly? If people were stupid enough to believe it initially let it go on. Pakistan is pissed by the way. They are going to keep taking our borrowed aid from China, but they are not happy!
Laughed so hard I almost pissed myself.
I think I know what might cause you to Number 2 yourself.
How about if the IMF turns around and lends the $600B at 2% to the Irish instead?
Wiggle wiggle wiggle wiggle yah. LMFAO.
My buddy showed me that video yesterday, I was nonetheless stupified at the nonsense that passes for music now....Only confirms the US is on a one way track to hell.
Yep, peeps be sheeps.
Kurt effin Cobain is to blame for the downfall of modern music.
come on, 3 guys played their instruments and wrote original songs. The recycled crap on vinyl and swearing bout bitches is what ruined music. Guys that talk and steal their grooves make the "rock" hall of fame. World is upside down.
he was a genius...why blame him? maybe it's the record labels and Walmart censorship and distribution stranglehold....
granularity bitchez, i would say.
This is all fraud.......!
Fraud schmaude. Just the cost of doing 'business' Wall Street Style.
Yet gold continues to levitate in a nice, tight bull flag -
http://www.oilbull.com/gold-chart/
Next up, a rumor that proceeds from childern's bake sales accross the continent will be levered to insure Italian debt issues.
Backed by lemonade stand sales to allow the levering.
That's not lemonade!
That's not equity.
Hahaha LOL! Lemonade sales and cookie sales. More like limoncello and biscotti sales LOL!
News Flash: The EU admits stumbling blocks to children's bake sale. The proud pastry chefs in France, Italy, Germany, Spain, etc. can not agree on a common EURO baked good for the children's sale. The EU Culinary Directorate refuses to allow each country to sell the native speciality pastry, citing concerns for potential hurt feelings and damaged national pride as the tabloid press would whip up nationalistic competitions and ridicule nations with poor-selling pastry. Sadly, if the EU leaders can not agree on a common pastry, there will not be a children's bake sale.
What's left? What other b.s. can they make up and deny later?
"TOTUS to give speech on recent Presidential edict, Gold and Silver to back new US currency.
"In other news, J.Lo's new butt implants prevent her from entering new FIAT 500. News at 11."
Ah, but that 190 handle is still there for the DOW. The S&P and NASDAQ shining green boys and girls.
Tomorrow will be a great day!
For those that exited their shorts after getting out before the weekend, yes.. it'll be a great day.. to short again..
It's not a good sign for bulls when their livelihood is based on lies, rumors, and PCs they really have no control over.
Exactly. Sold all my shorts on Wednesday for this reason. Lots of idiots on this board junked me for stating the obvious that bullshit rumors would levitate this broken market.
This is beyond absurd.
ES futures just too a major dump of 10 points but are quickly recovering.. News was no discussion within G-7 of reported large package for Italy http://www.bostonwealth.net/2011/11/27/es-futures-just-too-a-major-dump-of-10-points-but-are-quickly-recovering/
At this stage, how can anyone in their right mind actually believe that systemic failure might be averted? Hopium addiction is apparently irreversible.
Rumor On/ Rumor Off is the new Risk On/ Risk Off
The cutie on Bloomberg is all happy reporting the IMF bailout has saved the day too...
Even they have been trained to ask for printing on demand by anyone and everyone with a printing press.
That's right...keep on rumoring, rallying...only to reveal the truth. Keep it up, Europe. You go, Wall Street. Let there be nothing left with any credibility anywhere in the financial industry. I am pulling for you on this count.
I re-posted the Bloomberg Markets article that reveals details on Fed's $7.7 Trillion to alrge banks in 08, including previously undisclosed money under the table: $1.2 Trillion on December 5th 08.
There's plenty more fire behind that smokescreen. Fed bailed out large corporations too.
Please go repost it far and wide, twitter, facebook, kardashian.com. I think most of the audience here knows about it.
beyind sickening. there must be blood.
http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html
This is on purpose. Soon the half-life of rumors will be 1nanosecond.
At that point a leak of the "real" solution will be ignored.
Up around 20+ handles doesnt seem like it is tumbling to me. Malls are booming, central banks are printing, see ya at 1350 by Dec 31st.
Rumor: PIIGS to merge.
When i was in grad school CE i the Berlin Wall collapsed and i found myself fascinated by the concept of "German unification being the biggest LBO in history." Even at this late date i find myself chewing over the concept: "one country can literally buy another." Obviously the Greek variant has completely failed. Still i can't help but use the language of Wall Street and treat countries and companies just as you have here. This "Lingua Franc" is just fascinating to me--although i'm sure you don't "mean it" in this way. Of course the interesting part is how "this language" while providing a "prism" from which to view the actual events unfolding on the Continent also point to the total failure to resolve the issue as Wall Street would. Perhaps if Europe tried to create a "new Europe" instead is what's on their mind this time? Yet truly...what was wrong with the 16th Century Westphalian variant? Again i ask: "do you really want to be a United States of Europe"? Why?
I agree with Chen.
I believe the time has come, where everything is either an official pronouncement by the authorities OR just commentary/ideas by the others. But no more of this shit that some official "who does not want to be quoted" giving us the inside running.
It's almost as if the banks are trying to goad governments into doing the banks'bidding. This is sickening, destabilizing and illegal.
REVEALED: More Details On The Fed's Breathtaking $7.7 Trillion In Loans To Large Banks
Read more: http://www.businessinsider.com/bank-bailouts-2011-11-27#ixzz1ey5LUT5s
http://www.businessinsider.com/bank-bailouts-2011-11-27
Bloomberg TV is just now questioning La Stampa...
Euro Monkeys Fucking a Football! I Love it!
I have a theory that I would like some input on. About six months ago maybe longer (it's all blending together) China was telling their citizens to buy gold. It has been bugging me for some time. Why they would do that. My theory is so that they can confiscate it some time later on the same way Roosevelt did. The reason this bothers me is because gold buyers have been buying gold for 30+ years. There is a lot of gold in private hands.What is to keep our government from confiscating our gold(besides our guns)? I know this question has been talked about quite a bit. But I have only seen it discussed from the perspective if people who have a lot of wealth. Assets in other countries etc. etc. What I would like some input on is from the perspective of people with modest wealth. People who dollar cost average in. What is a good plan to protect yourself from gold confiscation? Again besides our guns. Any serious input is appreciated. Buy the way I am a silver buyer too.
forego the gun. think gift, sale, trade,
swap, burial or lost at sea. also prior theft.
Face to face transactions with FRNs. With a reputable dealer that doesn't keep video surveillance tapes on a DVR. Then go fishing and lose it at sea.
Unfortunate canoeing accidents explain much.
Stay in cash
I've no formal degree in economics or finance.other than my wife's jewellery,i stick to what ever amout of silver I can buy with cash.I've not emtied my 401,as yet.as the first visble sign of QE3,I'll do so.
Don't wait too long. The longer you wait, the more worthless your 200.5k becomes. Just compare your percentage loss on the "retirement" with the PMs, and make the choice soon.
Dr. E,
This is the thought process I have had when considering investing in physical gold.
Should gold become a popular substitute for fiat currency, such that it underminds it, TPTB will remove it from circulation, one way or another.
Also the practicality of keeping it secure from thiefs (including TPTB) and also accessing it for use without tipping your hand.
I too would like to hear others propective on this point.
0__o
https://www.youtube.com/watch?v=OS0lW7jGCqs
Nice little 50 pip short on the AUDUSD from 9882 down to R2 levels. Pulling out half the position, and hopfully we'll visit 9800 - maybe close the gap at 9700. This move up just didn't feel right. Bloomberg Asia, is still rattling on about the IMF loan being good. They should start reading ZH, and get with the program. LOL!!
Phew, that's over. Time to grind the futures back up.
We don't need another rumor. Just news of Wal-Mart pepper sprayings and ignoring heart attack victims. I meant spectacular low margin sales.
Direct intervention tonight baby. That confidence feeding tube will be shoved down the throats of the masses.
The god damn 'rumor' is debunked and the futures are STILL up 20 handles. Jesus Christ, just DECLARE the god damn market higher and get it over with.
isn't da nile a river in Egypt?
Rumor reflation starting in 3...2..1
Ok folks.. the Saudis, Kuwaitis, Bahrainis, etc. just finished celebrating the beginning of the New Year for them yesterday; come tomorrow they willl be in a joyous mood and buying our equities to give thanks to all the new Ipads, Iphone 4s they also bought to keep track of their new investments.
http://en.wikipedia.org/wiki/Islamic_New_Year
Geez they couldn't even make till morning, these people are desperate. Do not be afraid there will be another rumor of an hour. La stampa, daily telegraph... what next the Sun uk mirror or other tabloid will start reporting on the eU bailout? Hopefully, one day europeans will finally finish them in the us, and it looks that this day is not far away.
These rumors are really pissing me off. I get that sick feeling in my stomach that this shit is still continuing to go on with false BULLCHIT
May I please have one gram of gold every time someone somewhere says "kick the can down the road"? Thank you.
I ll give it 4 months next march april is the end game
If it follows 2008, spx should trade down to 1k and bounce probably to 1100 then roll over.
Follow the debt. IMO, you're giving it too long. Spain and Italy have to roll over too much debt in January and February. We may have one more bounce as everyone who thinks they have a career tries to save it, come Jan 2, we have problems only.
This should be interesting:
http://www.marketwatch.com/story/japan-warns-of-more-forex-intervention-report-2011-11-27?link=MW_home_latest_news
.5 it is.
More condom intervention?
Forex, Condom..... hahaha
What Italy needs to help them out of this mess is a monorail!
One that leads to Space Mountain?
You mean Candy Mountain?
http://www.youtube.com/watch?v=_yJCNNwHUOE
"Hey Charlie"
I bet the S&P will end up at 1136 tomorrow:)
Funny you pick that exact number.
how much did you put up?
how much did you put up?
i doubt that. we're overdue for a bounce.
ES dropped to +20 and is now headed back up. It is becoming apparent; "news" is merely a cover for the video game that was once the stock market.
As long as you have a healthy disrespect for money, and no kids, it's a fun video game.
once you remove yourself from the idea of money, you truly are rich....trading is a 24 hour a day mindfuck...$2.79 for a dozen eggs, well it was $2.59 3 weeks ago..why is this,,,what are the barriers. is it inflation, is it a restriction in trade routes...is my grocer facing margin compression from higher produce prices, taxes or margin compression. does it matter since it wont be felt until it passes through the debt laden public...has this been happening all this time while i grew up and educated myself...of course it has, and it wasnt just the 80's and 90's...for thousands of years we, as society, have kneeled to the powers of price action and have slaved ourselves to maintian our position in society...the boomers will never change, they are my parents and my bullseye on my dart board,,, extract from those who are weak. population shifts are truly unmanageable. the upside to the past 4 years is that americans are less likely, to expand their families(obv. due to financial uncertainty) this is a blessing...the baby boomers are going to enslave this country for a nother 60 years. EX8TR8
Just entered my orders to buy puts on:
BBVA (Apr 2012)
EWI (Jun 2012)
STD (Jun 2012)
Time to "put" it out there (pardon the pun)...
I wish either Bank of America or Morgan Stanley's stock symbol was STD. It maybe would get a message across to Americans a little better.
Stupidity Tranmitted Diseases...that be it...
wow rumor/headline based volatility Just need a slight rally to trade those tops again. Markets are so jittery on thin volumes...crazy stuff.
Weiss’s worst-case scenario highlights everything we’ve both been warning investors about for a long time. The 2008 meltdown never ended, lessons never learned. But now the end game is accelerating.
Listen closely: Weiss final warning to all investors: “Get all or most of your money out of danger immediately… stay safe!” Prepare for the coming bank collapse.
http://investmentwatchblog.com/listen-closely-weiss-final-warning-to-all-investors-%E2%80%9Cget-all-or-most-of-your-money-out-of-danger-immediately-stay-safe%E2%80%9D-prepare-for-the-coming-bank-collapse/
This was not news that anyone wanted to hear. The question of how much there is left to salvage of the Euro remains to be seen. This sets up as a week of digging firebreaks and preparing for the worst.
http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/
so basically the ES is only up 21+ points instead of 30. not exactly a death plunge. Zzzzz
When they nulled CDS for the Greek haircut that was when the gig was finally up.
in financial history that will be looked back on as THE day the West hit the wall.
EPIC stop hunters.
Well they sure succeeded
Can a European government try to sell a bond so this silliness ends?
How refreshing that a specific denial by the IMF that there are any discussions of ANY Italian package has sned the Dow Futures + 270 and the S&P futures +35.
Imagine when they confirm that there will be such a package. Surely it could be a +1000 DOW day!
Hope springs eternal.
Monday’s Euro Update: Slight Improvement in Bond Yieldshttp://confoundedinterest.wordpress.com
I don't mind a bounce, to paraphrase the words of Triumph the insult dog, for me to poop on!
its fucking amazing how nothing has changed except for some debunked rumor and the mkt rallies on bullshit....perfect manipulation and squeeze then wham selloff....days of pit trading limited this
its fucking amazing how nothing has changed except for some debunked rumor and the mkt rallies on bullshit....perfect manipulation and squeeze then wham selloff....days of pit trading limited this