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Juncker 'Hoped For More' As Italy And Spain (Oh, And Ireland Now) Get (To Share Same-Size) 'Band-Aid'

Tyler Durden's picture


So To Clarify: Dropped seniority and overseeing of ESM (unratified) and EFSF rescue funds (which will not be boosted in size) to fund not just Italy and Spain but Ireland too...conditioned on agreeing to EU banking oversight

UPDATE2: The Irish are all-in:




Early morning (drunk-dialing/texting) headlines from the EU Summit that there has been some short-term measures approved in terms of the removal of the seniority preference for ESM/EFSF rescue fund recaps of Italian and Spanish banks (though no details of the levels of dilution, cram-downs, or amounts have been discussed). The market, being as thin as it can be, is ripping higher on this realistically 'not much' news - though clearly someone 'blinked' a little. Headlines via Bloomberg:


But it's not all free-money and unicorn tears:


We await news from Germany's 'governing bodies' on ESM ratification.


S&P 500 e-mini futures jumped 15pts or so on the news and EURUSD tore almost 200pips straight up. Both are leaking back notably as reality sinks in (but all those stops are gone now). Gold, Silver, Oil, and Copper all soaring higher as for now only 5Y Treasury yields are really moving higher.

EURUSD less than 1 week highs though...


and ES back to 'pre-Spain bailout close' and 'post-Greek election open levels'...


Charts: Bloomberg


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Thu, 06/28/2012 - 23:05 | 2572135 Boilermaker
Boilermaker's picture


Thu, 06/28/2012 - 23:07 | 2572141 rajat_bhatia
rajat_bhatia's picture

To van Rompoy, Hey unelected corrupt asshole, Forgot Finland? Germany?

Thu, 06/28/2012 - 23:11 | 2572150 Boilermaker
Boilermaker's picture

Hey, who gives a fuck.  My mobile phone just rang with a 'breaking news' flash from CNBC saying this shit is fixed up and futures are surging.

What are you implying?  That this is rigged or some shit?

Market will like...triple or something.  I don't know exactly.  But, it's gonna be like seriously fucking great.

Thu, 06/28/2012 - 23:15 | 2572172 Animal Cracker
Animal Cracker's picture

Last one in's a rotten egg!

Thu, 06/28/2012 - 23:18 | 2572180 Fidel Sarcastro
Fidel Sarcastro's picture

You mean selling 37.00s up to 40.00 - right?  

Thu, 06/28/2012 - 23:23 | 2572195 SilverIsKing
SilverIsKing's picture

Now we know why there was a late day ramp.

Thu, 06/28/2012 - 23:26 | 2572208 Boilermaker
Boilermaker's picture

Well, that helps 'recapitalize' the banks also, right?  They've only been gaming the market as a back-door bailout for about 4 fucking years now.

Nice to have the entire script before the market opens.

Thu, 06/28/2012 - 23:31 | 2572225 Chris Jusset
Chris Jusset's picture

Will someone please ... please just wake me when it's all over ... please? ...

Thu, 06/28/2012 - 23:41 | 2572237 Xibalba
Xibalba's picture

Goldman asked for 1350's with a 'please'.  How could you not give it to 'em....they're such great guys and all.




Fri, 06/29/2012 - 00:47 | 2572323 Michael
Michael's picture

As a follow up to the movie Hunger Games, I'm thinking about writing a new movie script called Oligarch Hunters or Hunting Oligarchs, and a companion first person shooter video game of the same name.

There would be a point system such as 1000 points for a top oligarch, 750 points for an oligarch spouse, and 500 points for each offspring, etc,etc. You get the idea, there are so many possibilities.

It'll probably gross me $100 million easy.

Thu, 06/28/2012 - 23:16 | 2572173 IndicaTive
IndicaTive's picture

Didn't you hear? Obama finally came out today! He's in the fucking club. This is his coming out party. And he'd better be paying attention.

Fri, 06/29/2012 - 01:21 | 2572338 Cadavre
Cadavre's picture

What happened today - the market was jumping like some big FED stinky USD shart dump. WTF is going on. This morning's futures tick looked rational (down). Even after the FTSE close the ticks behaved rationally (down), At end of market it looked like the tea leafs were singing "happy days are here again".

OK, someone is buying USD's? But who? Could it be the white shooed multi generational psycho-pimp crime family "brokering" the Morgue's 350 Billion (of excess customer deposits WTF!) play from prop desks inside the gypsy bankers' red light shadow district ponzi centers are front running Spanish bonds (again)?

The date March 31 2012 holds some double secret that, fer sure, can explain it all!

On another topic ...
It looks like Bloomberg reporters discovered that the stinky, is indeed, a nice steaming bowel (SP) of nasty doody. Did you hear the joke about the three Bloomberg reporters walking through central park after spending their lunch hour idly hanging around the the park's men's rooms? As they're returning to work with a tummy full of man juice, they approach what appears to be an extruded brown mass on and stop. One reporter says, "That sure looks like shit". The second reporter crouches close to the mass, draws a deep snort, and offers. "It sure smells like shit". The third reporter bends down, scoops some onto his fingers, puts it in his mouth, and, after a second or too running it across his taste buds, says, "It taste like shit too!". They look at each other, and chorus in unison, "Sure glad we didn't step in it!".

Back in March, a ZH Poster wrote ...

One HFT box is trading with itself - well not actually trading - but pretending to trade for the purpose of price discovery,

I guess, if we accept that no-trade offers that are canceled until "the sweet spot" price is discovered (glory be double halalulya), in order to facilitate the one, the only lone HFT box in the universe, between games of chess, of course, may or may not buy or sale shares from, or to, itself can be called market liquidity if that's what the HFT wants to call what it's doing, then, by all means, let it call it "liquidity".

In a June 21 Bloomberg story titled, Wash Trading by High-Frequency Firms Said to Face U.S. Scrutiny, a Bloomberg hack finally assessed the smelly expensive gourmet pâté slogged down as a lunch appetizer was really just a fresh turd from the chef's cat box ...
So-called wash trades, in which a party buys a contract from itself, could be executed inadvertently by firms with multiple algorithms active in the same stock or derivative, said the people, who requested anonymity because the review isn’t public. Such trades, which can alter the price of shares if they are executed above or below market rates, would be illegal if deemed intentional efforts to manipulate stocks.

How much does the short guy pot head mayor pay those limp dicked lump sucks anyway?

Fri, 06/29/2012 - 01:40 | 2572374 HaroldWang
HaroldWang's picture

Both are leaking back notably as reality sinks in...

Nope. Not leaking back at all at this hour. Like I said earlier, how is this going to make earnings better for US companies who are all going to report shitty quarters?? How will this resolve all the issues our government can't even fathom regarding a "fiscal cliff". How will this....never mind - it's party time!

Fri, 06/29/2012 - 01:14 | 2572347 anonum
anonum's picture

The people of the forementioned nations (Germany, Finland) are forgotten, consistently and deliberately.

I live in one of the them, and by God, I'd hope to see a bit more reaction from the people due to all this bullshit.

But no, I guess we the sheeple have been conditionalized - perhaps by some chemical substance in our mother's milk already - to not truly conditionalize our mainstream media and leaders.

It makes me a saaaad panda...

Fri, 06/29/2012 - 01:20 | 2572357 chump666
chump666's picture

If you live in Germany you should be pissed beyond pissed, the weak and crappy countries of EU will leech off the ESM/ESFS at your expense.  Merkel will be panicking and probably end up with a heart seizure after the hedge funds of the world blow bunds into the ground.

Europe is a mess.

Fri, 06/29/2012 - 04:20 | 2572502 Nussi34
Nussi34's picture

I sending my capital out of Germany like there is no tomorrow. Thnk good that we have 2 passports.

Fri, 06/29/2012 - 04:21 | 2572503 Nussi34
Nussi34's picture

The Euro is nothing else than Versailles II. The fucking French insisted on this shit, now they should go and shove it up their XXX.

Fri, 06/29/2012 - 08:37 | 2572754 fightthepower
fightthepower's picture

You can't help but laugh at the Germans, they must be stupid or something.  Versailles was imposed.  This is volontary.  This is a method of looting Germany.  For what?  The glory of Europe?  Germans are the world's stupidest losers. 

Thu, 06/28/2012 - 23:16 | 2572175 HedgeAccordingly
HedgeAccordingly's picture

a scaled out view of this move in crude and 6E - -- notice the volume of 6E.. dwarfs last 8 hours of trading..

Thu, 06/28/2012 - 23:07 | 2572142 RobotTrader
RobotTrader's picture

CNBC Asia reporting new Central Bank fund to be formed in Europe to recapitalize all the bad banks.


Wow, I knew they would solve the problem at the worst possible time for the bears.

Thu, 06/28/2012 - 23:09 | 2572147 macholatte
macholatte's picture



The can shall be kicked!

"So let it be written. So let it be done."

Thu, 06/28/2012 - 23:17 | 2572177 dick cheneys ghost
dick cheneys ghost's picture

The can called and said they are running out of road....

Thu, 06/28/2012 - 23:13 | 2572161 dick cheneys ghost
dick cheneys ghost's picture

Its a Festivus Miracle!!

Thu, 06/28/2012 - 23:16 | 2572174 Animal Cracker
Animal Cracker's picture

Festivus for the best of us!

Fri, 06/29/2012 - 00:37 | 2572317 HardlyZero
HardlyZero's picture


errr...a virtuous local bloke party.

ooohh...a tempest in a teapot...with incoming can kicked and then to carrom into the fan blades.

Its a sh*t filled can.

Welcome to the Saturday after.

Thu, 06/28/2012 - 23:20 | 2572186 westboundnup
westboundnup's picture

Doin' it at the park.  Doin' it after dark.


Thu, 06/28/2012 - 23:56 | 2572265 CvlDobd
CvlDobd's picture

@robo Are you serious? They are proposing a new central bank? Got a link. I give up.



Fri, 06/29/2012 - 01:43 | 2572379 Bunga Bunga
Bunga Bunga's picture

Solved with what money? German constitutional court is blocking ESM. German president Gauck said, he will not sign ESM into law before cleared by German constitutional court. Today new lawsuits were filed against ESM in Karlsruhe. Lot's of work for the constitutional court.

But maybe the Spanish can rescue the Italian and the Italian can rescue the Spanish. All will be fine, LOL.

Thu, 06/28/2012 - 23:08 | 2572144 Let The Wurlitz...
Let The Wurlitzer Play's picture

Sounds like a good time to really short the Euro.

Thu, 06/28/2012 - 23:08 | 2572145 RobotTrader
RobotTrader's picture

Poor Doug Noland once again will have to report this weekend that the bears had to endure yet another "Rip Your Face Off" rally.



Thu, 06/28/2012 - 23:55 | 2572261 CvlDobd
CvlDobd's picture

No, the bears had to endure another "Change the rules when they work against you!" rally.

Fri, 06/29/2012 - 02:12 | 2572407 John_Coltrane
John_Coltrane's picture

Don't know what your think people are shorting, but I've got puts I bought  on C, MS, ANR, FSLR, X, GRPN and RIMM in April and May and they're all deep in the money and I've been rolling these puts down in strike and out in duration since December with lots of profits locked up in cash.  You're not stupid enough to short (or go long for that matter) an index like DIA or SPY are you?  Yes, I believe from your previous comments you might be.  Oh, and if you want to get in its still not too late to buy puts on any or all of these as all these money losing companies are going to zero-so strike price is relatively unimportant-just choose long duration, say January.  Can't imagine anyone stupid enough to buy anything at these levels with a world wide recession in the offing.

Thu, 06/28/2012 - 23:11 | 2572154 zebra
zebra's picture

the trade bot would be triggered even on announcement like "EU leaders agree to have a pajama party together"

Thu, 06/28/2012 - 23:12 | 2572158 Burr's 2nd Shot
Burr's 2nd Shot's picture

Drunk texting FTW.

If we cannot make babies, maybe we can make some time.

Thoughts of pretty you and me, Erotic City come alive.

We can print until the dawn, making cash 'til ink is gone

Erotic city can't you see, print so pretty you and me.



Thu, 06/28/2012 - 23:33 | 2572159 Yen Cross
Yen Cross's picture

 Which should have a half life of an " AMOEBA"!

Thu, 06/28/2012 - 23:13 | 2572160 Eternal Complainer
Eternal Complainer's picture

Look at them! They are all working sooo hard to save us all!
They're like a bunch of superheroes out to save the world.


Thu, 06/28/2012 - 23:14 | 2572165 Boilermaker
Boilermaker's picture

Wasn't this just two articles before this?

UPDATE: ES has lost over 60% of its late-day spike gains...

I love how everyone still pretends like this is in anyway legit from time to time.  You know, when it's convienent.

Thu, 06/28/2012 - 23:13 | 2572166 blindman
blindman's picture

Nigel Farage : This EU is now a Union of Debt
"Nigel Farage is so right on so? many issues. I also love how he gets in these technocrats faces! This world needs more men like The only real solution is a total credit wash clean ALL debts....home mortgages, credit cards, etc.....ALL debts erased and the entire world markets will start afresh. Damn banksters and politicians have robbed and lived like kings....let these banks fail and put these crooks in prison. ? Eliminating mortgages, credit card debt, etc. is only a small token compared to what the banksters have stolen from us. "

Thu, 06/28/2012 - 23:14 | 2572169 km4
km4's picture

China eyes yuan convertibility as it sets up trial zone

Ben and Timmay shitting pants ;)

Thu, 06/28/2012 - 23:13 | 2572170 SmoothCoolSmoke
SmoothCoolSmoke's picture

I just shorted the Euro $100K.    I should be rich by morning.   Thanks EU idiots.

Fri, 06/29/2012 - 12:20 | 2573573 derek_vineyard
derek_vineyard's picture

dumb fuck....its tomorrow and you are sunstantially underwater and in a short squeeze

although i suspect your post is bullshit

Thu, 06/28/2012 - 23:15 | 2572171 adr
adr's picture

So is it free money, or almost free money, or money with pledges of gold, or free money if X is done with the support of Y without offending Z?

I can't figure it out anymore. ES can drop 1% in 30 seconds or rise 30 seconds later. It is impossible to react.


Can we stop calling it a "Market". It exists as HAL, or Skynet, or WOPR, or STEVE. It can only ramp if proper words are plastered in headlines. Any mention of "Merkel" followed by a "0" will result in a 1% increase within 5 minutes. A headline with "Merkel" followed by "dead" will result in a 10% ramp within 30 seconds.

Just like how a headline of "Tropical Storm" with "Gulf of Mexico" sends oil futures up 2% in seconds.

SkyHALOPR9000 is self aware and exists for the sole purpose of separating you from your wealth. The only winning move is not to play, or is it that judgement day is inevitable, or that the bay doors are closed.

In every way possible we're fucked.

Thu, 06/28/2012 - 23:16 | 2572176 Dr. Engali
Dr. Engali's picture

One well placed mini nuke. That's all I ask for.

Thu, 06/28/2012 - 23:17 | 2572178 AmenRa
AmenRa's picture

It means nothing until Germany states their position.


Monti just said grounds have been laid for eurobonds. He must have poiosned Merkel's food.

Thu, 06/28/2012 - 23:18 | 2572179 RobotTrader
RobotTrader's picture

I'm not surprised that this announcement was made the night before quarter end.


Just in time for the fabled "Quarter End Statement Print".

All major indexes will close the quarter still green for the year.

Thu, 06/28/2012 - 23:22 | 2572191 Fidel Sarcastro
Fidel Sarcastro's picture

Yeah, funny how that shit always happens.  Rigged?  Naaaah.  No more than the LIEbor, anyway.  ;-)


Thu, 06/28/2012 - 23:54 | 2572257 CvlDobd
CvlDobd's picture

I was starting to worry that my fellow Americans and I would not be enjoying the prosperous fourth of July we all deserve.

Thu, 06/28/2012 - 23:24 | 2572203 SmoothCoolSmoke
SmoothCoolSmoke's picture

Are staying long? If so, you are stupid.  This pop will not hold.  I've already made $13K shorting the Euro from the pop. 20mins.  Easy money for the Bear.

Thu, 06/28/2012 - 23:26 | 2572206 robs98ss
robs98ss's picture

very true, the bad news is, the next quarter starts monday

Fri, 06/29/2012 - 00:33 | 2572312 Xibalba
Xibalba's picture

and in less than 24 hrs Merkel will deny

Thu, 06/28/2012 - 23:20 | 2572188 valley chick
valley chick's picture

and how much money is needed for all these bank bailouts?

Thu, 06/28/2012 - 23:24 | 2572202 Boilermaker
Boilermaker's picture

As much as it takes and a little bit more.  Don't be fucking stupid.

Money is a concept for fucking suckers.  Why anyone would ever pay back a bank loan is beyond me.

Thu, 06/28/2012 - 23:29 | 2572213 nonclaim
nonclaim's picture

Doesn't matter the total: is too much to repay and we all know that.

How much is enough/needed for each mini-bailout iteration is the game we are playing now.

Thu, 06/28/2012 - 23:34 | 2572228 Socialized Losses
Socialized Losses's picture

You want the real number or the press release number?

Thu, 06/28/2012 - 23:36 | 2572229 valley chick
valley chick's picture

real will do...

Thu, 06/28/2012 - 23:23 | 2572193 Yen Cross
Yen Cross's picture

 The massive (dxy) selloff was/is epic.  I love it.  Mean while the fed can't muster better than a 2.6 bid cover on twisted 7year notes!

Thu, 06/28/2012 - 23:23 | 2572196 Socialized Losses
Socialized Losses's picture

More EU maybe we will and maybe we wont. Ain't nothing but a set of blue balls gonna come out of all these EU promises to put out. But god my alogs love the volatility.  Any bet on how long the exuberance lasts? 90mins...?

Thu, 06/28/2012 - 23:23 | 2572197 Father Lucifer
Father Lucifer's picture

Won't last till the Europe markets open.

Thu, 06/28/2012 - 23:23 | 2572198 monopoly
monopoly's picture


Thank God for that. I thought they might stop. As long as they "continue to work" all will be well. I am sure, sure, they will  have an agreement in place by 2020. Oh this is great. Buy Europe.

Thu, 06/28/2012 - 23:27 | 2572209 valley chick
valley chick's picture




didn't think so. :)

Thu, 06/28/2012 - 23:27 | 2572211 Rasna
Rasna's picture



15 points straight up on 450 contracts in 4 minutes for the ES...

See, this is easy... With my eTrade app on my iPad I placed the trade after my mom left and I have milk money for the rest of the week... Time to check out the chicks in the next crib over... Blythe is that you!?

Timmah, Sacks lets party dudes.

Thu, 06/28/2012 - 23:42 | 2572239 Fidel Sarcastro
Fidel Sarcastro's picture

WHAT?  I think your charts are way off.


  • 22:45 - 22:50 = 2,652 vol & trades 20.00 to 22.25
  • 22:50 - 22:55 = 6,176 vol & trades 22.25 to 27.00
  • 22:55 - 23:00 = 18,043 vol & trades 26.50 to 36.50
  • It took the ES ~15 minutes to pop 15 points and was on a hell-uv-a-lot more than 450 cars.
  • Sure, 26,000+ volume is a joke to make it pop 15 handles; but 450?  You should fire that service.
Fri, 06/29/2012 - 10:35 | 2573184 Rasna
Rasna's picture


6 tick reversal volume at price chart.

20:44 mtn volume=20 total contracts

buy volume =17 contracts

sell volume =3

price 1321.25

20:48 total volume =450 contracts

buy volume 413

sell volume 37

I have 3 services

Velocity TT Platform

DTNIQ feed on MarketDelta

Zenfire on NenjaTrader

They were all identical.

Thanks for the observations though. Looks like you were using 5 minute charts which compile the data over a much longer time frame than the 6 tick reversal.

Fri, 06/29/2012 - 10:43 | 2573214 Rasna
Rasna's picture


I owe you an apology.  Your right.

I have 2 broad band connections running through a dual WAN router and something seems to have gagged...

I'm taking the network down and will be replacing the router today.

I'm sooooooooooooo glad you posted.  It saved me a fortune.  First time that this happened.

Again thanks and mea culpa

Fri, 06/29/2012 - 11:25 | 2573339 Fidel Sarcastro
Fidel Sarcastro's picture

No problema, Rasna!  Was just trying to help, which is why I took the time to be so detailed.

Thu, 06/28/2012 - 23:28 | 2572212 Boilermaker
Boilermaker's picture

My god, this is some pathetic shit.

Thu, 06/28/2012 - 23:28 | 2572214 adr
adr's picture

The statement says they will create an overseeing authority by the end of the year to allow EFSF and ESM funds to recapitalize banks of countries that agree to demands, and are well behaved.


The market jumps over 1% on this? The end of the year is an eternity in the marketplace. At some point the ESM might allow banks to be recapitalized through the ability for nations to sell bonds to the ECB?

Hasn;t this already been said 1000 times already? Nothing is actually really being done, it'sall just BS rumors and BS conjecture and the rip your face off rally commences yet again. Just to claim things are fixed before the USA goes apeshit crazy in August once again. Then you'll hear all about the USA destabilizing markets while Europe is fixed.



Fri, 06/29/2012 - 02:19 | 2572410 John_Coltrane
John_Coltrane's picture

The Spanish and italian banks will both need capital controls to prevent complete loss of all deposit capital due to the on-going bank runs long before the end of next month much less next year!  Tres Amusant, as the French Banksters might say as their bank runs start.

Thu, 06/28/2012 - 23:28 | 2572215 pauhana
pauhana's picture

Fool me once, shame on you.  But this is the twentieth summit and I just fell for it again.  Will this never end?

Thu, 06/28/2012 - 23:42 | 2572240 Socialized Losses
Socialized Losses's picture

Let me help, "buy" the hype. Here have some Kool Aid it'll help facilitate understanding.

Thu, 06/28/2012 - 23:28 | 2572216 Fidel Sarcastro
Fidel Sarcastro's picture

Last 11-min = 64% of all SIZE orders on the buy side, which isn't surprising; however, mkt back to where it was 11-min ago as offer-jamming stopped over 37.00.  Now coming back on puny size.  Loved that 37.00 & up short...for a scalp. 

Thu, 06/28/2012 - 23:30 | 2572222 Burr's 2nd Shot
Burr's 2nd Shot's picture

Insisiting on numbers and arithmetic to solve these issues is soooo passe.  Instead, please rely on intentions and best wishes.

Life is way easier if you rely upon the wisdom of your superiors to guide you.  Objective reality is a dream, bought to you by Atari or Intellivision.


Thu, 06/28/2012 - 23:30 | 2572223 Yen Cross
Yen Cross's picture

 The 4th of July will provide ample time for another European Cluster Fuck, before the ECB prints next week!

   What a farce!

Thu, 06/28/2012 - 23:37 | 2572231 RobotTrader
RobotTrader's picture

Yet another surge in ES.  Bears holding June and July puts have been sodomized by TPTB.


Its going to be a huge weekend out at The Hamptons for the PigMen.

Ukranian Escorts are now on the way to JFK on Virgin Airlines.

Fri, 06/29/2012 - 00:38 | 2572316 YesWeKahn
YesWeKahn's picture

i know, i know, you bought 10 shares of SPY. It won't make you rich.

Thu, 06/28/2012 - 23:37 | 2572232 Boilermaker
Boilermaker's picture

17 handles on the ES and cruising higher.

Is this it?  Is this the IN YOUR FUCKING FACE moment of truth?  Just force the fucker up to, say, 1600 or so and just go for it?

At some point, they're going to have to 'TRY IT', at least.  They'll go for a limit up day.  Count on that shit.

Thu, 06/28/2012 - 23:49 | 2572249 Yen Cross
Yen Cross's picture

 Boilermaker  I feel sorry for that last limit up guy on the" HFT bus". He is going to get " Pan Caked" Event Horizon style!

Thu, 06/28/2012 - 23:53 | 2572255 Boilermaker
Boilermaker's picture

Don't underestimate the desperation and how fucking utterly stupid this can and will get.  The only thing holding anything back is the last bit of resistance to completely destroying currencies as we know them.

This is going to get unfuckingbelievably pitiful and pathetic.

Thu, 06/28/2012 - 23:39 | 2572236 hedgehog9999
hedgehog9999's picture

You have to give some credit to the Italian Soccer team for beating Germany into submission. Herr Angela fully blinked at that point.... her mind raced back to history.....she figured the Italians and the Spanish were our friends in WWII and they kick ass at soccer , we need to give them a helping hand, how do we do this? ..

hmmmmmmmmmmm ........maybe if we remove the seniority clause on the money we give them things will perk up and it won't cost a dime... hell, we are even taking garbage as collateral as we rank the shit we take in any way we like.......let me quit the game and deal with this brilliant idea .... and voila WAVE 3 UP in GOLD, COMMODITIES AND the STOCK MARKET.

Good luck all!!.

Thu, 06/28/2012 - 23:45 | 2572241 bozeman14
bozeman14's picture

i've read all these comments - this is getting old. us, europe and japan are broke. the rest of the world needs to adjust.

Thu, 06/28/2012 - 23:45 | 2572242 gianakt
gianakt's picture

Hearing China central bank will cut rates 0.5 percent in the morning to try and get some more moment with this rally. I'm getting out of all my shorts and pronto.

Thu, 06/28/2012 - 23:48 | 2572247 Fidel Sarcastro
Fidel Sarcastro's picture

Central banks CUT rates when things SUCK.  But why would that matter now?  Everything's bullish.

Fri, 06/29/2012 - 02:25 | 2572417 John_Coltrane
John_Coltrane's picture

Yep, when Brazil started cutting their rates that's when I bought puts on EWZ (it was over 60 at the time).  Now EWZ is at about 49 and falling.  Rolled my Jun 60 strikes down to Sept 50s and I'm already ITM.

Thu, 06/28/2012 - 23:48 | 2572245 chump666
chump666's picture

Could be a brutal short sqeeze about to hit, brutal in the sense capped at June 20 highs S&P 500 all other risk trades. 


Thu, 06/28/2012 - 23:53 | 2572254 Yen Cross
Yen Cross's picture

  I was long gbp/usd . did ok. i wanted to get long aud/jpy on the m-5 chart and thought nahhh. it was ripe entry, all the signals.

 I'm thinking risk off friday and Euro can kicking. Could have done much better!

Fri, 06/29/2012 - 00:14 | 2572292 chump666
chump666's picture

messed up on futures (not FX) because i didn't think the June 20th (market top) would be set again.  AUD is screaming at a capped June 20th risk rally.  Oh well.  Rally is on.

sell from the june top. 

Fri, 06/29/2012 - 00:28 | 2572308 Yen Cross
Yen Cross's picture

Chump I have EBS access, if you want option expirations.  Vanilla,Digital,DNT, simple... ect.

   trading fx options is a walk in the dark. Too much liquidity/vs cost.  Being short aud is a pretty good bet.

  Their 10y bonds are at historic lows, and even nat gas has a bottom!

Fri, 06/29/2012 - 00:41 | 2572321 chump666
chump666's picture

Futures as in index trades s&p, dow etc

fx for me are proxy/correlation trades, so looking at the market top for June which is the 20th as a possible stop/short entry.  the aud, is pefect against the s&p for rolling correlation, and there is a 1.02 top.  

this panic meltup is all jawboning. but a lot got squeezed, so there should be a rally on open (big).  then the sell into july.

payback is looming...

Fri, 06/29/2012 - 01:18 | 2572356 Yen Cross
Yen Cross's picture

chump666    Payback is looming .   Are you just trading New York?  The perfect proxy is ( krw/cny) &  ( inr/cny)=


Fri, 06/29/2012 - 01:29 | 2572362 chump666
chump666's picture

noted. thanks. yeah USD bids should cap equities.

as for payback...f*ck yes.  my instincts said 'watch those dumb ass Europeans..."  but thinking, get a quick trade in and take my sexy neighbor out for drinks.

lesson kids: think with gut, not lower external organ.  ok!

Thu, 06/28/2012 - 23:48 | 2572246 q99x2
q99x2's picture


Thu, 06/28/2012 - 23:50 | 2572250 chump666
chump666's picture

wouldn't ge to horny about madness coming out of the EZ.  but yeah rally into next mth.

Thu, 06/28/2012 - 23:51 | 2572251 CvlDobd
CvlDobd's picture

Imagine how much the market will go up on the day we are all called in to our respective FEMA camps! I can't wait to be rich!

Thu, 06/28/2012 - 23:51 | 2572252 lizzy36
lizzy36's picture

Fucking genius.

An underfunded EFSF, a non ratified ESM, and a promise to define conditions.

Also is "dropping spanish senority" implicit or explicit?

Further them kraut bastards at the German Consitutional Court are not going to be to happy about the ESM now being used to directly re-cap EU banks. In fact the have explicity have suggested that such an action directly contravenes the german "no bailout" clause in the GERMAN constitution.

Alas it is the end of the month and the end of the quarter, and this is being spun as a hail mary, (when in fact it is at best a lateral pass) but career risk so +500 tomorrow.


ps- did i miss the part where the EU money tree came up with the $2-$3T necessary to re-cap the EZ banks...asking for a friend.

Fri, 06/29/2012 - 00:10 | 2572283 CrashisOptimistic
CrashisOptimistic's picture

You missed an item, liz.  The ESM charter wording ITSELF says all other loans are subordinate.

They would have to rewrite the ESM documents and those countries that already passed it will have to revote.  And of course Germany hasn't voted yet. 

This really doesn't sound solid.  I doubt Merkel agreed to all this.  She probably agreed to go to bed and let them say whatever they want.

Thu, 06/28/2012 - 23:51 | 2572253 This is the end
This is the end's picture

Tyler needs to admit he is wrong. I never see the Tylers say, "You know what, we have been dead wrong on this. We have been short for three years on stocks, bonds and Euro/USD and we have had our butts handed to us." Part of being a good analyst is saying we were dead wrong. Every time the Tylers are wrong they try to justify their view instead of just saying we got caught on the wrong side, sorry.

Thu, 06/28/2012 - 23:55 | 2572258 Boilermaker
Boilermaker's picture

Im pretty sure the mantra from ZH has been to buy precious metals over the last 3 years and not to short stocks.

But, hey, it's your ignorance.  You're entitled to it.

Fri, 06/29/2012 - 00:01 | 2572270 adr
adr's picture

If a guy says the ship is sinking and you start bailing, you might delay the end for a bit. You may even gain a bit of ground and rise up. Doesn't fix the giant gaping hole in the compromised hull. You can shout, "You're wrong, we aren't sinking." all you want.

You're still gonna drown.

Fri, 06/29/2012 - 00:05 | 2572276 CrashisOptimistic
CrashisOptimistic's picture

There's a related issue.

The ESM verbage is in place and it DOES require subordination.  A few countries have ratified it.  If the verbage is to be changed, then the relevant Parliaments will have to revote.  Not to mention those countries who have not voted yet.

It is not clear that this works.  Some of these rules required only that Finance ministers vote, but I thought the ESM required German parliament and high court approval. 

This does not look solid to me.

Fri, 06/29/2012 - 00:08 | 2572279 lizzy36
lizzy36's picture

WOW so you read ZH pretty closely right? Or perhaps you do but just don't UNDERSTAND what you are reading.

Show me were ZH has recommended shorts.

Last couple of trades the "tylers"  recommended were long CHK, and going long Spanish English Law bonds with a negative pledge. They also recommended a spread trade between the EZ banks that took a massive amount of LTRO money and those that didn't.

So again can you tell me where in the last 3 years the tylers have recommended blanket shorting of stocks/bonds and EUR/USD?

If you would prefer a momo "10 things you need to know" with a 25 part slideshow may I recommend Business Insider. You will be a perfect fit over there.

Fri, 06/29/2012 - 00:41 | 2572315 Fidel Sarcastro
Fidel Sarcastro's picture

Sweet beat down lizzy!  May I also suggest the losers at MarketWatch?  He'd just love the stories and bloggers there.

Fri, 06/29/2012 - 00:15 | 2572293 CrashisOptimistic
CrashisOptimistic's picture

What exactly do you think ZH is?

It's a blog with ads on it to earn click revenue from traffic.  Hell, some of the comments in the threads are designed to make people reply more.

It's not an investment advisory site.  None of those have any value at all.  ZH is a high traffic click/ad funding generator for the owner.  It has some quick response information that no one can trade on anyway because high speed computers have already reacted.  

It's mostly for entertainment and information from a reader perspective, and it's for click/ad money generation for the owner.  What the hell were you thinking?

Fri, 06/29/2012 - 00:21 | 2572302 fuu
Fri, 06/29/2012 - 02:38 | 2572431 John_Coltrane
John_Coltrane's picture

This isn't some useless "trading service" or "analyst".  You should stick to Cramer or CNBC if you want money losing ideas.  I've never read a single Tyler article suggesting a trading idea, long or short, nor has any attempted to predict the future of manipulated equity prices-those the manipulation via HFT has been very useful information for astute traders.  However, those wise enough to have followed the articles on JPM "hedging" problems from a couple of months ago might have, like myself, bought PUTs on JPM long before its recent huge gap down and, despite its recent slight recovery, said puts are still deep ITM with lots of profits.

Thu, 06/28/2012 - 23:56 | 2572256 hedgehog9999
hedgehog9999's picture

On second thought this scorching move up in everything risk could be just a correction up of the drop to suck in new bulls and wipe out stops on all shorts and the real dump start Monday once everybody is all in................

Ohhhh...... the games people play.....

By the way Monday is a new month , we can dump at that point.....


Thu, 06/28/2012 - 23:55 | 2572259 Yen Cross
Yen Cross's picture

 I keep hedging volatility, to play it safe. Then these rip your face off moves come, and I'm glad for a few scraps!

Thu, 06/28/2012 - 23:55 | 2572262 Common Man
Common Man's picture

If this shit actually solved anything, Gold would have crashed not spiked. No political/fisical cigar

Bull-trap bitchez!


Thu, 06/28/2012 - 23:57 | 2572266 adr
adr's picture

So was this all discussed at the Bildeberg meeting? Is this why gas prices in most of the country only fell about $.30 during the time oil fell $20?

Was the drop just a con to set up another massive BS leg up for the well positioned Fifth Ave set?

I can hit a quarter from 100 yards with a simple stock sporting goods store rifle. Switching target types is starting to sound good. Who's in for some practice?

Thu, 06/28/2012 - 23:59 | 2572268 This is the end
This is the end's picture

Okay Boilermaker, fine then change the name of the blog from ZeroHedge to Buy Precious Metals. They sure do a lot of analysis on stocks, bonds and currency all negatively biased. So hats off, they got the gold trade right! Their stock, bond and FX calls stink.

Fri, 06/29/2012 - 00:02 | 2572272 Boilermaker
Boilermaker's picture

Show me where they've made investment advice on equities and / or shorting.

Fri, 06/29/2012 - 00:04 | 2572273 JackT
JackT's picture

The "Unicorn Tears" made me smile

Fri, 06/29/2012 - 00:11 | 2572286 GOLDTEETHSILVER...

Follow the yellow brick road...

Fri, 06/29/2012 - 00:06 | 2572278 midgetrannyporn
midgetrannyporn's picture

It doesn't even have to be a real rumor, just a fig leaf for the eoq tape painting will do.


Fri, 06/29/2012 - 00:09 | 2572280 This is the end
This is the end's picture

Fine they are a one trick pony. Buy gold, silver and platinum. They are Goldline or G Gordon Liddy. 

Fri, 06/29/2012 - 00:10 | 2572281 Conman
Conman's picture

Wow what a clusterfuck.

Fri, 06/29/2012 - 00:11 | 2572284 devo
devo's picture

Translation: banker overpaid for their stock, now needs to dump it onto unsuspecting day trader who is about to get his face ripped off.

Fri, 06/29/2012 - 00:15 | 2572296 Arnold Ziffel
Arnold Ziffel's picture

Lets get down to the real important how much Banker Bonus money do we take out of the $30 billion bailout cashola....and don;t forget the little matter of our fat commission for all the work we've done "saving the financial system."

Fri, 06/29/2012 - 00:18 | 2572299 GlassSteagall
GlassSteagall's picture

A decoupling of sorts is starting to happen ES going down ... gc going up

Fri, 06/29/2012 - 00:19 | 2572300 bshirley1968
bshirley1968's picture

Just a bunch of blah, blah, blah.  The stage of euro actors have been hired to keep the drama going until the US election is over, then Uncle Ben will print some money for the EZ.  Germany is tapped out and there is no one to step in and "fix" their problems.  All assets have be hypothecated and re-hypothecated until their is nothing left.  No one, not ever the Chinese, wants to buy any of the ponzi debt bonds.  They are quickly running out of monopoly money to bid up their own game.  The only way they "kick the can" is with the dollars Uncle Ben will print in a couple of months.

All you need to do is answer this one question: "What are they waiting for?"

My answer: For Uncle Ben to feel the Deflation monster breathing down his neck and ramp up the printers to build some much needed inflation.  Let that dollar get a little stronger and we will see Bernankster squirmin' like a worm on a hook.  Bernankster and his punk Obuster are begging the EZ to hang in there with some rumors and games for a couple more months.

I repeat, "What are they waiting for?"  They know the problem.  They have only one solution.  Why are they waiting?

Fri, 06/29/2012 - 01:06 | 2572346 toomanyfakecons...
toomanyfakeconservatives's picture

The solution is the MASS ARRESTS and the virtual dissolution of the federal government that is on the way...

Fri, 06/29/2012 - 00:27 | 2572309 ghostfaceinvestah
ghostfaceinvestah's picture

Fade this, the Asian markets always read these things wrong, witness the Spanish Bank Bailout.

Fri, 06/29/2012 - 02:45 | 2572448 John_Coltrane
John_Coltrane's picture

Yep, the Asian markets are always a trailing indicator.  Just as they need to copy/steal most modern technology and science from the West, they are at their best  imitating, not creating something new.  Might be all that collectivism built into their culture-required when people are packed wall-to-wall in a resource limited region.

Fri, 06/29/2012 - 00:35 | 2572314 adr
adr's picture

If buying old debt that will never be paid to pay for new debt that will never be paid is bullish, why isn't the US dollar soaring?

It's working well for the Euro and the Yen?

Fri, 06/29/2012 - 00:39 | 2572318 jimmyjames
jimmyjames's picture



Maybe they read this and said wtf is the use-


“For most Europeans, almost nothing is more prized than their four to six weeks of guaranteed annual vacation leave. But it was not clear just how sacrosanct that time off was until Thursday, when Europe’s highest court ruled that workers who happened to get sick on vacation were legally entitled to take another vacation.

Fri, 06/29/2012 - 00:39 | 2572320 genr8n
genr8n's picture

"I'll gladly pay you tomorrow for a hamburger today"...well Italy and Spain have their Hamburger but will they be prepared to pay with the promise to hand over control of their banking system to Germany.

Fri, 06/29/2012 - 01:04 | 2572343 toomanyfakecons...
toomanyfakeconservatives's picture

Not tomorrow... Tuesday.

Fri, 06/29/2012 - 00:46 | 2572326 mammoth mo
mammoth mo's picture

We would like to say.......

We have agreed......

To solve um er the problem.......

I mean all the problems.......

With the magic of this vanishing debt cream.

Works so good - you don't even know it's working.  But for just $19.95 trillion Euro's you to can be a country that is debt free, just like Greece, Ireland, Spain, Portugal and soon to be Italy.  Plus we will toss in this Spiderman Towel.

Fri, 06/29/2012 - 00:47 | 2572327 mammoth mo
mammoth mo's picture

We would like to say.......

We have agreed......

To solve um er the problem.......

I mean all the problems.......

With the magic of this vanishing debt cream.

Works so good - you don't even know it's working.  But for just $19.95 trillion Euro's you too can be a country that is debt free, just like Greece, Ireland, Spain, Portugal and soon to be Italy.  Plus we will toss in this Spiderman Towel.

Fri, 06/29/2012 - 00:48 | 2572330 Itch
Itch's picture

Woooo, take me to the danger zone.

Fri, 06/29/2012 - 00:52 | 2572332 JLee2027
JLee2027's picture

Since they all lie - some - but not necessarily all of the time (but who can tell when?); it certainly makes for some nonsensical headlines.

Fri, 06/29/2012 - 00:52 | 2572335 YesWeKahn
YesWeKahn's picture

what was impossible now is possible. What a fucking illogical statement!

Fri, 06/29/2012 - 01:17 | 2572354 latcho
latcho's picture
help me, how to rule the world in 8 easy steps, please expand and correct

(I'm a n00b so please guide me )

0) make borrowing easy and cool
1) let bankers issue insurances for the biggest risk markets in the world with a leveragen of 1 gazillion
2) blow up the (lending) risk markets bubbles
3) let counties bailout the banks that own the failed insurance paper (all of them)
4) let the countries pay for the failed banks
5) create an institution that controls all banks by means of so called centralized banking oversight and regulation
6) let the countries be the debtors of the institution
7) rule over the countries and the banks

Fri, 06/29/2012 - 01:26 | 2572361 caerus
caerus's picture

there should today be no doubt that much suffering is to come...the massive debt bubbles that have inflated in the past decades must burst...there is no fault without awareness...

Fri, 06/29/2012 - 01:30 | 2572363 Bastiat009
Bastiat009's picture

Euro=Gold, Debt=Wealth ... it's almost official now. Gold traders are dumb. The EU is dumb. Bankers are dumb.

Fri, 06/29/2012 - 01:54 | 2572393 jimmyjames
jimmyjames's picture

Euro=Gold, Debt=Wealth ... it's almost official now. Gold traders are dumb. The EU is dumb. Bankers are dumb.


EUR:GOLD 2001 = 280

EUR:GOLD 2012 = 1250

Yep--EUR:GOLD exactly the same-

Sounds like a bad case of sour grapes to me-

Fri, 06/29/2012 - 16:25 | 2574515 fuu
fuu's picture

Last 1597.20 +45.20

Where are you now eh?

Fri, 06/29/2012 - 02:38 | 2572432 slewie the pi-rat
slewie the pi-rat's picture

drunken telefunken, BiCheZ!

keep drinking tyler!

Fri, 06/29/2012 - 02:56 | 2572458 jomama
jomama's picture

spain will beat italy.

Fri, 06/29/2012 - 03:24 | 2572474 Joe A
Joe A's picture

The Euro is saved! Once again! For about half a day.

Fri, 06/29/2012 - 04:30 | 2572509 Mr.Kowalski
Mr.Kowalski's picture

If this is all they accomplished, this would be seen as an unmitigated disaster. Perhaps Soros and his three days to Eurocalypse isnt too far off. 

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