• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Market Snapshot: Financials Flop, Credit Collapses, S&P Closes At 2011 Lows

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Mon, 10/03/2011 - 16:57 | 1734574 jm
jm's picture

Doug Kass can't be happy right now.

Mon, 10/03/2011 - 17:01 | 1734588 mfoste1
mfoste1's picture

james altucher cant be happy either

Mon, 10/03/2011 - 17:04 | 1734604 jm
jm's picture

Frankly, I'm not all that fucking happy aboutg today either.

I did trade down into some of that spread blow-out.  We'll see.

Mon, 10/03/2011 - 17:24 | 1734683 Troll Magnet
Troll Magnet's picture

my agro stocks took a big hit but i also bought three 100 ozt JM & Engelhard bars over the weekend. holding them is so empowering!

Mon, 10/03/2011 - 17:34 | 1734719 AldousHuxley
AldousHuxley's picture

feels like 2009.....

 

no safe haven except money markets.

Mon, 10/03/2011 - 18:54 | 1734937 max2205
max2205's picture

How can Ben not committ suicide. Look at the carnage he has caused by running IWM up last year. Now 87 to 61 in 2 months. Nice price stability Ben. Go fuck yourself. Hope you all didn't get burned

Mon, 10/03/2011 - 17:39 | 1734730 franzpick
franzpick's picture

Today's markets have given us lehmans, but there's still no way to make lehmanaide out of this technical, across the board, chart break.  My screens are pointing way down 5% plus.

Mon, 10/03/2011 - 18:35 | 1734887 Mauibrad
Mauibrad's picture

Would love to see Goldman go under.

Mon, 10/03/2011 - 18:46 | 1734914 SwingForce
SwingForce's picture

Biggest Blatant HAIR ON FIRE day in a long time. Insert WB7's Jamie LIFE cover here. Total BS.

Tue, 10/04/2011 - 07:54 | 1736417 UBIGDummy
UBIGDummy's picture

Your right.

I expect the very same headline as this article, repeated for several days this week.  ESPECIALLY the part where it says  S&P closes at 2011 lows;)

Mon, 10/03/2011 - 17:50 | 1734780 pasttense
pasttense's picture

I would expect most people on  ZH would be happy today--since gold went up  2.22% and silver went up 1.74%.

Mon, 10/03/2011 - 17:03 | 1734600 kito
kito's picture

i heard he likes having his bottom penetrated

Mon, 10/03/2011 - 17:00 | 1734582 CPL
CPL's picture

LOL!

 

Mon, 10/03/2011 - 17:00 | 1734583 zorba THE GREEK
zorba THE GREEK's picture

"Nothing could surprise us.."

It is nearing time for another short-covering rally.

Mon, 10/03/2011 - 17:31 | 1734710 scatterbrains
scatterbrains's picture

I wouldn't be surprised if we see a slow hypnotic grind lower into the 1st circuit breaker followed by a 2nd day of slow grind down into another circuit breaker (this time loading the bear trap) In the 2nd lock up they announce printing where upon we don't even bother to open as we re-lock this time on the upside.. by the time real trading takes place all Bears are boiled alive. 

Mon, 10/03/2011 - 17:00 | 1734584 reader2010
reader2010's picture

Financial Weapons of Mass Destruction finally arrived.

Mon, 10/03/2011 - 17:42 | 1734735 AldousHuxley
AldousHuxley's picture

banksters (aka. financial terrorists) already detonated it, but Fed tried to contain it with paper dollars. Well that failed and now we have clusterfuck of a society.

 

Lone superpower self destructs from her own stupidity.

 

 

Mon, 10/03/2011 - 17:02 | 1734590 slackrabbit
slackrabbit's picture

or his ass.

<Hey is that Liesman up there?>

Mon, 10/03/2011 - 17:02 | 1734595 razorthin
razorthin's picture

We penetrated his bottom?

Mon, 10/03/2011 - 17:15 | 1734650 falak pema
falak pema's picture

whose we?

Mon, 10/03/2011 - 17:04 | 1734597 z123
z123's picture

so after all these QE the us dollar is still the strongest currency in the world, it didn't lose that much, it isn't trading @ 0.5 euros

Mon, 10/03/2011 - 17:45 | 1734751 AldousHuxley
AldousHuxley's picture

fiat vs. fiat.

 

compare fiat vs. metal

 

 

Mon, 10/03/2011 - 17:47 | 1734759 redpill
redpill's picture

DXY should be a basket of commodities, it would be a lot more meaningful.

Mon, 10/03/2011 - 18:36 | 1734888 Esso
Esso's picture

No kidding. Comparing failing fiats to other failing fiats is just stupid.

It's like the people on the stern of the Titanic saying, "Those idiots on the bow are really in trouble!"

Mon, 10/03/2011 - 18:48 | 1734920 SwingForce
SwingForce's picture

S. O. 

Beautiful, standard oil would be the biggest company in the world if you were to put that humpty dumpty back together again. I love that story, PS its about DIVIDENDS.......

Mon, 10/03/2011 - 17:03 | 1734602 redpill
redpill's picture

The US Economy is fine.

 

/jimcramer

Mon, 10/03/2011 - 18:04 | 1734832 Strider52
Strider52's picture

Cramer shoudn't take a triple-dose of crack + meth ice + caffeine before he goes on. He looks like his head is gonna explode from blood pressure.

Mon, 10/03/2011 - 18:43 | 1734903 CharlieSDT
CharlieSDT's picture

That would be the only reason to watch that garbage program.

Mon, 10/03/2011 - 18:48 | 1734921 AldousHuxley
AldousHuxley's picture

I like Cramer because he tells you WHAT NOT TO DO.

You know he is a shill for banksters who are either trying to unload at highs or load up cheap.

so when Cramer says to buy BAC, wall st. insiders are trying to unload their positions.

When Cramer says to sell BAC, insiders know bailout is coming and they are trying to get in lower.

 

I'd be curious to know what is the alpha on a portfolio trading on exact opposite of Cramer's recommendations VS. another portfolio on all of his recommendations.

 

He is a journalist btw.....talker/entertainer speculator. Real traders trade and hide their secrets even within firms.

 

 

Mon, 10/03/2011 - 19:14 | 1735006 Schmuck Raker
Schmuck Raker's picture

Tyler! BIGGER AVATARS!

Mon, 10/03/2011 - 17:05 | 1734603 CClarity
CClarity's picture

I'm thinking that with Operation Twist, there is also an "Untwist" ala the hedge overlay unwinds.  Potentially, some violent traps are gonna snap in here.

Intended or unintended consequence? 


Mon, 10/03/2011 - 17:04 | 1734606 swissaustrian
swissaustrian's picture

Why are health care stocks getting slaughtered? Doesn´t make sense to me. They should be holding up like consumer staples...

Mon, 10/03/2011 - 17:05 | 1734608 razorthin
razorthin's picture

If this is indeed the big implosion, you expect any equity to be spared?

Mon, 10/03/2011 - 18:50 | 1734930 SwingForce
SwingForce's picture

Your avatar is awesome. If we implode, Ron Paul will be elected President. 

Mon, 10/03/2011 - 17:07 | 1734613 CClarity
CClarity's picture

They're liquid and can be sold.  Offsets for things with less liquidity.  

Really ugly 1st of month and quarter.  Doesn't auger well for rest of year, though there will be some brief spectaculr dangerous rallies.

Mon, 10/03/2011 - 18:53 | 1734935 SwingForce
SwingForce's picture

What's more liquid than Tbonds? Where's the most profit? 

335 of 500 S&P stocks now pay more than the 10 yr Tnote. That's 2/3's.

SPY pays more than 10T, XLU pays 1.5x 10T, IYR for chrissakes pays 2x 10yrT AUGH!

Mon, 10/03/2011 - 17:09 | 1734627 john39
john39's picture

how can the gov or individuals pay for outragously expensive (and largely useless) healthcare if both are broke?

Mon, 10/03/2011 - 17:12 | 1734636 jm
jm's picture

Hospitals and such--they carry huge amounts of debt and Medicare reimbursement rate cuts have screwed their business model.  Then you can see why they aren't going to be leasing a $10 mil/year robot surgical suite.  It all rolls downhill.

Mon, 10/03/2011 - 18:02 | 1734823 AldousHuxley
AldousHuxley's picture

all equities and even bonds are taking a hit. also commodities, except gold/silver and for some reason Nickle (up 5%)

 

economic depression (aka. reality without Fed)...portfolio asset rebalancing...

 

even funeral parlors (SCI) are down....

 

Get Low about a funeral party

http://www.youtube.com/watch?v=NVR6-HnKtM8

 

"people are dying in bunches everywhere but here"

"What are the odds of a funeral home going broke?"

"You have a business that everyone on Earth needs. If you can't make that work, it's you, right?"

Mon, 10/03/2011 - 17:07 | 1734615 Financial_Guard...
Financial_Guardian_Angel's picture

One sentence summary: "It's the end of the world as we know it, and I feel fine."

Mon, 10/03/2011 - 17:25 | 1734686 mayhem_korner
mayhem_korner's picture

 

 

Battlestations!

Mon, 10/03/2011 - 17:10 | 1734619 Minoan
Minoan's picture

Latest rumour:reverse split for Citi

Mon, 10/03/2011 - 17:09 | 1734626 Fips_OnTheSpot
Fips_OnTheSpot's picture

Tag: Investment Grade

 

Right.. countdown there.

Mon, 10/03/2011 - 17:12 | 1734639 mist929292
mist929292's picture

Good thing I bought SPXU yesterday. 

Mon, 10/03/2011 - 17:14 | 1734646 falak pema
falak pema's picture

banks/insurance, MIC, Health care, all govt supported all in trouble.

Mon, 10/03/2011 - 17:16 | 1734653 LawsofPhysics
LawsofPhysics's picture

Any update on how the Fed will inject the 400 billion.  Specifically will this be more POMO or some other event that we can front run? 

Mon, 10/03/2011 - 17:18 | 1734663 bill1102inf
bill1102inf's picture

4 trading days until Anon takes out the NYSE 

Mon, 10/03/2011 - 17:22 | 1734678 marcusfenix
marcusfenix's picture

very, very suspicious them targeting wall street, an attack on the NYSE plays right into the federal govts hands while doing no damage to them. it helps no one as the NYSE is already sinking like the titanic anyways and all this attack would achieve is not allowing us to watch it go under.

an attack on a major civilian institution will strengthen the feds position on "cyber terror" and will pave the way for further internet censorship, control and regulation all in the name of security and safety.

I would like to believe anon is legit but this casts to much doubt..

I call false flag.

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