It Just Got Worse: Italian Treasury Just Announced It Will Not Sell 3 Month Bills At The August 10 Auction

Tyler Durden's picture

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TheTmfreak's picture

I think a "bullish bitchez" is in order.

jus_lite_reading's picture

This might be the most important news of the week...

Time to open the M bottle!!!! I have been saving this for almost 15 years for this day!!!

Pizza spaghetti and mandolino's picture

 Believe it or not, Italy can make it. Berlusconi will save Italy, notwithstanding all bunga bunga.

Will the USA avoid Civil War II ?

Pizza spaghetti and mandolino's picture

 Believe it or not, Italy can make it. Berlusconi will save Italy, notwithstanding all bunga bunga.

Will the USA avoid Civil War II ?

agent default's picture

Well they are talking about issuing Eurobonds now, so this will presumably make all the Euro zone problems go away.

(Yeah right).  These guys are truly out of their minds.

bob_dabolina's picture

Just a few short days ago and over 1000 DOW points later I can't help but sit back and chuckle at Cramers advice to unsophisticated investors to buy calls. 

 

SheepDog-One's picture

Of course Cramer has his disclaimer and all calls he makes are for that minute in time only!

US Uncut's picture

Can someone give rough explanation about why this become negative for our market? Other than the broader implications that Italy is ... collapsing?  Why did the dow just do an about face and tank up to 200 points?   Why would not sell bills? DOesn't that raise money for them? Sorry, my understanding of some of this is not good. 

tmosley's picture

They aren't selling bills because they don't want the market to price them as the junk that they are.  This is a way of pretending that all is well--fiddling while Rome burns.

hedgeless_horseman's picture

we are all currency traders now

j0nx's picture

Kinda like how Obama BBQs and parties while America burns and mobs of his people initimidate and beat innocent white people without anyone calling it a hate crime? Yeah, exactly like that.

docj's picture

Why did the dow just do an about face and tank up to 200 points?

GS putting the "GO for QE3!!!" rumor out there, perhaps?

SheepDog-One's picture

Cool! Im buying some more silver today on this dip waiting for the monkey boys to trot out all they know onto the stage...QE.

US Uncut's picture

Can someone give rough explanation about why this become negative for our market? Other than the broader implications that Italy is ... collapsing?  Why did the dow just do an about face and tank up to 200 points?   Why would not sell bills? DOesn't that raise money for them? Sorry, my understanding of some of this is not good. 

Quintus's picture

Simple.

 

Wall St. wants QE3 to kick off asap.  Any and all news received until that happens will be construed as negative and the market will be sold accordingly.  This will continue until Ben does as he's told.

A classic protection racket, in other words.

 

GeorgeHayduke's picture

I think we have a winner here.

Remember, in this market thinking like a criminal or mafia boss is the only way to understand what's going on. Unfortunately, such thinking is not my strong suit so I rarely do well in such environments.

Doyle Hargraves's picture

Yeah Wall Street wants QE3 and some more...I am still betting on the controlled demo of BAC in the near future to realize that end. The original mafia bosses (BAC) get to go on a boat ride in NY harbor and get some new shoes out of the deal. With that accomplished the vacuum is created and QE3/fiscal stimulus/bad asset backstopping to infinity will be justified by TPTB.

TruthInSunshine's picture

Simple.

Wall St. wants QE3 to kick off asap.  Any and all news received until that happens will be construed as negative and the market will be sold accordingly.  This will continue until Ben does as he's told.

A classic protection racket, in other words.

 

I edited my comment, because quintas is actually far closer to the reality.

Banksters wanna get their Heroin fix and are jonesing badly.

carbonmutant's picture

McCulley on Bloomberg: "We had a Minsky moment where we repealed the business cycle and created this bubble of debt."

Quintus's picture

Maybe they should send the little Italian plumber guy with the big moustache out to find enough gold coins to keep them funded.

Makes as much sense as anything else I've heard from the Italian FinMin lately.

Tortfeasor's picture

Let them eat smushed mushrooms!

JW n FL's picture

http://www.youtube.com/watch?v=XfeUUDnqgtw

Jim Grant on Bloomberg - 20th June 2011

On Money Market Funds and why looking for yield in Europe is a BAD BET FOR ALL!

jkruffin's picture

US Postal Service reports $3.1 Billion loss, and warns of default......No wonder  Geithner needed 72 billion real fast.... This country is going in the gutter fast...

machineh's picture

'Your check's in the mail' takes on a whole new meaning. :-O

Tortfeasor's picture

But the radio ads tell me the USPS doesn't cost 1 red cent of taxpayer money...

scratch_and_sniff's picture

brutal euro spike there, if this is going to be the vibe in august i may get an extra box of diphers.

buzzsaw99's picture

their cash would last longer if they quit paying the coupon.

TruthInSunshine's picture

Not having to sell debt/bonds is the latest sign of pride, strength and invincibility on the part of Italy.

 

/sarc/

RobotTrader's picture

 

 

-1682 TICK, possibly a NYSE record.

VXO spiked over 40

EscapeKey's picture

The PPT just drove up the DJIA from -245 to -43 in, what, less than 10 minutes?

Gibu The Great's picture

ECB says they are going to commit to buying spanish/italian debt.

At this rate we will be positive in 5...4...3...

EscapeKey's picture

fucking lol! Why don't they just print us all prosperity?

Gold surging on the news as well...

tmosley's picture

Debt monetization is bullish.

lulz

Quintus's picture

I wonder where they'll get the money to do that?

The EFSF is just about empty after dealing with the 3 existing bailout patients and the Germans do not seem minded to hand over another €1.5 trillion.

I call BS on that.

Gibu The Great's picture

The rain forest, of course. It's only paper.

Quintus's picture

The Germans will have a conniption.

Unless they have radically changed their position on the benefits of Hyperinflation.

SheepDog-One's picture

Just so far today we've had almost 400 points of DOW swings, most of them 200 point moves within minutes....very confidence inspiring!

EscapeKey's picture

I look f/w to the margin hike on ES futures. (as if!)

fuu's picture

Wow from -200 to -5 to -80 in the span of 6 minutes.

Gibu The Great's picture

Looking like we might swing positive yet. Ridiculous.

SheepDog-One's picture

And then probably end the day down -300.

Gibu The Great's picture

Annnndddd we're in the green. We'll go +300 on the Dow I bet!

I would like to see the Dow -300 at the close but I feel like we've been saved... for now.

Subprime JD's picture

Hey I've been looking for your post! Im thinking 1168 is near term bottom. We just bounced hard off that level.