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Market Reaction - Gravity Bites As Draghi Serves Cold Plate Of Epic Disappointment
As he began to speak the EUR rallied, EGBs rallied and ES rallied - last minute hopiness wrung out of the system, but as soon as he explained that his plan to promise a plan which plans to promise a solution was nothing but another promise and not an actual plan, so everything reversed. S&P futures are -17pts from pre-Draghi, Gold back under $1600, and the USD is ripping higher, Treasury yields are down 8bps from pre-Draghi, EURUSD is down 50pip sfpom, pre-Draghi after trading up over 1.24 as he began, and has retraced over 75% of the post-Draghi 'believe' speech. Spain and Italy have given back the immediate euphoria with Italy now 50bps wider from pre-Draghi and Spain +25bps (having retraced over 60% of the post-'believe' rally).
EURUSD (now under 1.22)
and from 'believe'...
Euro Government Bonds cracking wider...
and European stocks plunging...
and across asset classes - its derisking reality:
but a lot more gravity to go yet..
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How many points are we up since Draghi and Bernak leaked their BS? Unless we are down 750 on the dow today this goes in the win column for them.
The wins were last week. Reality is coming back.
The more shit you throw straight up in the air, the more comes straight back down on your head.
A true philosopher right here.
They are using this crisis to firm up their grips on the European continent. Period. All the rest is noise to distract people’s attention from their real game plan. QE today or QE tomorrow and everybody is living to hear this word while the real move is happening in the background without people noticing it. I have a deep aversion for central bankers and all their organized crime but I have to admit that they have mastered the art of illusion. They perfectly know how to catch people’s attention with a sheer distraction while they achieve what Napoleon and Hitler failed to do: I refer to a complete centralized control over Europe by a small click of psychopathic banksters that have an unlimited greed for money and power.
Actually they are only mesmerizing the idiot equity bulltards that are their poster-boyz for their FASCIST-SOCIALIST agenda.......
We won last week selling into the rumour. Won again today by buying back on the dip. Rinse and repeat please.
so that makes them shitheads....
Love your comments, Fonz. Find myself nodding everytime I read them.
That motherfucker works for Goldman and not the ECB!
The stock market pump is irrelevant in the big picture. Italy, Spain, and Greece are losing the ability to fund government-provided social programs through deficit spending, and Germany so far is refusing to play "Rich Uncle Helmut". Draghi's big plan was to have his wealthy neighbor pay his bills. Now that his big plan is falling through, what it Plan B?
Did he mention anything about local-law spiderman towels?
Dibs.
At least it's still above parity ...
Only in Europe can we have shit like this!
Oh really? How about the debt ceiling farce?
Unfortunately “The ECB cannot replace governments,” Mr Draghi warns.
I like how this fascist pig says "unfortunately"
You know TD, for a few minutes this morning as the eurusd was hitting 1.24 I doubted you. And well now...I'm so ashamed. Won't happen again.
Can you bullshit hypnotize a market anymore than this?
I don't really know.
Why do you guys continue? How do you not see it?
THERE IS NO MARKET.
That has all gone away and it's not going back to normal. Ever. There is no price discovery. There is only manipulation.
Do Not Participate. There is no money to be made there.
Look into buying farmland. Nothing else within your reach is an option.
And why should I do that. Feds will take 55% of my grandfathers farmland next year if he passes.
The game is rigged for everything.
Well, that sounds like estate tax. If so, it would apply to any asset whatsoever so that's not a rebuttal.
No in fact it is because while you may buy farmland for return the system will still end up winning in the end. Just like this rigged market.
Your grandfather needs to take on a younger co-owner for the property so that when he passes there will be no lawyers or government tax assholes taking his land from his family, as the co-owner(s) will simply carry on as before.
That is the viable solution. The guy did not seem to understand that he was not offering a rebuttal. Estates beyond the threshold are taxed, whether they hold farmland or gold or paintings or stocks.
His point was not a rebuttal. He didn't understand.
madyson - you need to introduce your grandfather to estate planning. My kids will get our land with no estate taxes, because wife and self don't own the land, our marital trust does. For one to two thousand bucks for an estate planning attorney, several hundred thou plus in less taxes can be saved - plus making the transition for those left after a lot easier all around - powers of attorney, pour over will, all that stuff done.
Does he have to be alive for 7 more years for his children to avoid estate hit? He has been a bit adamaent in his old age to this point because his estate has been less than 5 million and I think he believes they could run out of money even though they have plenty to make it well beyond their years. It kicks in at 1 million at 55% in 2013 which will hit his estate.
From my short reading co-owner would still get hit but perhaps not trust. They really need to convince him.
He did what European politicians have been doing for 4 years - kicked the can down the road.
So....what youre sayin is...theres a CHANCE? YAY!! So you're saying there's a chance - YouTube
Mario's nose just started knocking over the TV cameras in the back of the room. Awkward.
The half-life of new government-central bank blurbs seems to be now only a few minutes...
Naughty naughty, very naughty.
How's that price stability mandate doin?
"THE EURO IS IRREVERSIBLE" - Mario Draghi 8-2-2012
So, starting with Greece and, eventually Germany, I'm going to "draghi" you to hell
Yes, but mistakes are infinitely repeatable.
Maybe it will be different this time...
He never defined who would still be in the Euro.
1.22, 1.22, anyone give me 1.21?
Ya gotta parse what this guy says fer sure: "We'll do everything we can to save the EURO". (If Greece goes, so be it.)
Maybe I should stop trading EUR/USD? I just can't seem to win much.
Bet USD parity and FB at 10. You will be a master of the universe.
he's got nothing. he's been found out. he's still trying to talk the mkt up.
DOW is up over 500 pts since Hilsenrath "opined" in the WSJ and Draghi first opened his mouth last week. It's a net win so far for the banksters as they have discovered a potent new weapon for their arsenal - the power of the boldfaced lie!
Sure, now lets see em cash it in.
He's like a verbal matryoshka doll. This "market" is so idiotic. Thank God for Zero Hedge. See ya'll at ~1100.
Sir, what exactly did you mean? markest are not impressed.
They are?????
No, they are not!
Mr Market won't like this and Bankers will like it less when they see the possibility of their bonus decreased.
BTW, how are those LieborGate indictments coming along?
So what? They'll just come with another lie. Everyone will pretend to believe it. Then be dissapointed. Then another lie will come. Then dissapointment. Then another...
Please.
Just stop.
THERE IS NO MARKET. It's gone. It's never coming back.
Algorithms read headlines. The preparers of the algorithms inform the media what headline they are looking for, or what headline to avoid. Then nothing triggering negative ever appears.
Just Stop Trading. Go away. Buy farmland. This is no longer a vehicle for you.
The party is over.
Somewhat OT, but you might want to consider timberland as well...I've been studying up on woodgas generation and like what I see...kinda neat, the idea that you could run a car and power your home with wood!
http://www.woodgas.net/
http://www.lowtechmagazine.com/2010/01/wood-gas-cars.html
Buy the bid, sell the ask. Wait, buy the ask, sell the bid. No wait, ask the bid and sell the buy. No, no, that's not it.
It's obvious that the barnanke just handed the carrot and stick to Draghi....what's that saying about lobsters in the pot???
Oh my God. Putin save us
Makes you wonder what he and the Chinese think watching this....to me I woudl be saying..."we need to get out of these currencies..these guys are crazy..."
non ti preoccupare ora torna il berlusca
Don't worry in the September meeting they will introduce the 'Solution'. And then plan on having in a meeting in March 2013 to 'Iron out any wrinkles'. I'm learning not to take the concept of 'Capitalism' and 'Free Markets' so serious.
What solution may that probably be?
Dumping Wario?
Syriran?
"I must tell you first and foremost that there are the known bad things. Then there are the unknown bad things. We also know the that there are known unknowns things that are bad as well as the unknown unknown bad things we just don't know about". We stand ready to take full comprehensive action against all bad things that could happen"
Thank you, Mario Draghi
No More Creditbiliteeee!
http://www.youtube.com/watch?v=l0lHv60w98U
1:13
speak loudly and carry a little stick
They´ll start printing when the grains bubble has dropped 40%.
Glass Steagal!!!
Ain't reality a bitch!
What an idiot. You could think that this goldmaniac has a purpose on ruining any credibility.
When I was a kid a neighbor got his toy plane caught in a tree. He wanted to get it down so he went and got a brick.
I was 6 and watched the stupidest thing I ever saw. The kid stands directly under the plane and throws the brick straight up. He watches as the brick goes up and comes right back down on his head, cracking it open.
We all screamed for his mom and she came running out. She saw him lying in a pool of blood and a brick right beside his head. As she was carrying him inside to call 911, all we heard was, "How could you be so stupid, why, how could you be so stupid."
Perhaps that kid grew up to work on Wall Street.
"The Bundesbank was “not just one of 17 central banks” in the euro zone, Mr Weidmann said". I guess no sugar for now. Mr. Draghi just became a clown!
The mkt thought it had a reservation at a 3 star michelin restaurant in Paris with a beautiful lady and it's actually got a takeaway from a London café and is sitting next to the female hammer thrower from Bulgaria.
hey - don't knock it till you try it bro..... strong girls those hammer throwers
And Yahoo market quotes are 'mysteriously' missing all of a sudden.
Italy and Spain sovs spike, IBEX drops 4.5%.
Super Mario becomes Dr Evil.
http://confoundedinterest.wordpress.com/2012/08/02/ecb-follows-feds-lead-how-about-no-but-maybe-later/
BTFD bitchez...doesn't really matter, both Spain and Italy can function with any duration bond yield greater than 1% at this point and even if the markets did give them this free money, would they use the time to fix their non-competitive model. You can't be the furniture and leather manufacturer to the world and charge 2-5x more than Asian manufacturers...the world has been global for 15 years now and southern Europe is a net loser with their high costs as is the US with cost of living vs. the BRICs...
Who are the idiot fools buying the dow dip? It must be HFT making the dead cat bounce, surely anyone with a drop of rational wouldn't be buying this dip.
Good to see those power buddies learned their lessons well. SO, Can anyone help me get a foot on the jawboning ladder? Gaming economies, playing NO RULES ALL IN BLINK with other peeps hardearned, that just has to be the way to go. AND that fat pension waiting when I burn out after a year or less - and the security men to protect me against any malevolents who dont geddit whoa - can't wait. Gotta go now - think I saw someone erecting a crane outside...
We need HErman van Roupoy solving the CRISIS!
Now who will be the fools that buy the second dead cat bounce? I swear unless this volume is all HFT there are some serious stupid sheeple out there today.