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

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Fri, 08/05/2011 - 12:07 | 1527156 King Dong
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Bullish

Fri, 08/05/2011 - 12:18 | 1527211 caerus
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sooooo....bullish

Fri, 08/05/2011 - 12:20 | 1527232 TheTmfreak
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I think a "bullish bitchez" is in order.

Fri, 08/05/2011 - 12:19 | 1527222 jus_lite_reading
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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!!!

Fri, 08/05/2011 - 12:36 | 1527330 Pizza spaghetti...
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 Believe it or not, Italy can make it. Berlusconi will save Italy, notwithstanding all bunga bunga.

Will the USA avoid Civil War II ?

Fri, 08/05/2011 - 12:36 | 1527334 Pizza spaghetti...
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 ?

Fri, 08/05/2011 - 12:09 | 1527160 agent default
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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.

Fri, 08/05/2011 - 12:07 | 1527162 bob_dabolina
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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. 

 

Fri, 08/05/2011 - 12:35 | 1527327 SheepDog-One
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Of course Cramer has his disclaimer and all calls he makes are for that minute in time only!

Fri, 08/05/2011 - 12:09 | 1527164 US Uncut
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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. 

Fri, 08/05/2011 - 12:12 | 1527178 tmosley
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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.

Fri, 08/05/2011 - 12:17 | 1527201 hedgeless_horseman
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we are all currency traders now

Fri, 08/05/2011 - 12:20 | 1527229 j0nx
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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.

Fri, 08/05/2011 - 12:15 | 1527197 docj
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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?

Fri, 08/05/2011 - 12:23 | 1527245 SheepDog-One
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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.

Fri, 08/05/2011 - 12:10 | 1527165 US Uncut
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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. 

Fri, 08/05/2011 - 12:13 | 1527188 Quintus
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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.

 

Fri, 08/05/2011 - 12:41 | 1527355 GeorgeHayduke
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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.

Fri, 08/05/2011 - 13:23 | 1527539 Doyle Hargraves
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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.

Fri, 08/05/2011 - 12:21 | 1527221 TruthInSunshine
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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.

Fri, 08/05/2011 - 12:10 | 1527170 carbonmutant
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McCulley on Bloomberg: "We had a Minsky moment where we repealed the business cycle and created this bubble of debt."

Fri, 08/05/2011 - 12:11 | 1527173 Quintus
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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.

Fri, 08/05/2011 - 12:19 | 1527220 Tortfeasor
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Let them eat smushed mushrooms!

Fri, 08/05/2011 - 12:11 | 1527175 JW n FL
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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!

Fri, 08/05/2011 - 12:12 | 1527176 jkruffin
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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...

Fri, 08/05/2011 - 12:15 | 1527193 machineh
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'Your check's in the mail' takes on a whole new meaning. :-O

Fri, 08/05/2011 - 13:05 | 1527230 Tortfeasor
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But the radio ads tell me the USPS doesn't cost 1 red cent of taxpayer money...

Fri, 08/05/2011 - 12:09 | 1527179 scratch_and_sniff
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brutal euro spike there, if this is going to be the vibe in august i may get an extra box of diphers.

Fri, 08/05/2011 - 12:30 | 1527291 anonnn
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edit

Fri, 08/05/2011 - 12:13 | 1527184 buzzsaw99
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their cash would last longer if they quit paying the coupon.

Fri, 08/05/2011 - 12:13 | 1527185 TruthInSunshine
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Not having to sell debt/bonds is the latest sign of pride, strength and invincibility on the part of Italy.

 

/sarc/

Fri, 08/05/2011 - 12:10 | 1527187 RobotTrader
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-1682 TICK, possibly a NYSE record.

VXO spiked over 40

Fri, 08/05/2011 - 12:15 | 1527190 EscapeKey
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The PPT just drove up the DJIA from -245 to -43 in, what, less than 10 minutes?

Fri, 08/05/2011 - 12:13 | 1527195 Gibu The Great
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ECB says they are going to commit to buying spanish/italian debt.

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

Fri, 08/05/2011 - 12:16 | 1527203 EscapeKey
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fucking lol! Why don't they just print us all prosperity?

Gold surging on the news as well...

Fri, 08/05/2011 - 12:17 | 1527207 tmosley
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Debt monetization is bullish.

lulz

Fri, 08/05/2011 - 14:51 | 1527840 malikai
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We're saved!

Fri, 08/05/2011 - 12:17 | 1527208 Quintus
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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.

Fri, 08/05/2011 - 12:22 | 1527242 Gibu The Great
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The rain forest, of course. It's only paper.

Fri, 08/05/2011 - 12:27 | 1527266 Quintus
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The Germans will have a conniption.

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

Fri, 08/05/2011 - 12:17 | 1527205 SheepDog-One
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Just so far today we've had almost 400 points of DOW swings, most of them 200 point moves within minutes....very confidence inspiring!

Fri, 08/05/2011 - 12:18 | 1527215 EscapeKey
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I look f/w to the margin hike on ES futures. (as if!)

Fri, 08/05/2011 - 12:37 | 1527339 hedgeless_horseman
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flag as sadly accurate (1)

Fri, 08/05/2011 - 12:24 | 1527251 fuu
fuu's picture

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

Fri, 08/05/2011 - 12:26 | 1527262 Gibu The Great
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Looking like we might swing positive yet. Ridiculous.

Fri, 08/05/2011 - 12:30 | 1527297 SheepDog-One
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And then probably end the day down -300.

Fri, 08/05/2011 - 12:36 | 1527343 Gibu The Great
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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.

Fri, 08/05/2011 - 12:15 | 1527196 Subprime JD
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Hey I've been looking for your post! Im thinking 1168 is near term bottom. We just bounced hard off that level.

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