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Market Spike Driven By Latest Bout Of Idiocy Out Of Greece
Wondering why the market just viagra'ed up to green on absolutely nothing? Here is the news from Reuters, with key words underlined:
Greek conservative party leader Antonis Samaras is expected to deliver a letter of commitment to the country's international lenders on Wednesday, a government source said on Tuesday.
"Samaras' letter of commitment is expected to be handed in tomorrow morning," the government official told Reuters on condition of anonymity.
A senior official at the conservative New Democracy party confirmed that Samaras intended to sign the letter. There was no official comment from the party.
So... let's get this straight: Samaras, the guy who has promised will he reneg on the European deal as soon as he becomes PM, is "expected" to agree to the deal he voted for on Sunday..."according to a Grek government source." And who will he supposedly delivery this letter to? The cancelled European meeting? Or to Juncker who said Greece needs to comply with the terms of the first bailout, forget the second one. The same Juncker who said he is uncomfortable with Samaras lack of commitment?
And the end result is a 25 pip move in the EURUSD which undoes a 75 drop in the DJIA?
Sigh.
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Even the algos can't be this stupid - this is human intervention :)
Nothing says commitment better than gold.
I just thought it was NIST recalibrating their nuclear clocks to "1500 ramp time". They have found that "market timing" is more precise than anything they could come up with.
"I am gonna sit right down & write myself a letter, & make believe it came from you..."-Thomas "Fats" Waller - who gave us tge wisdom to "Don't give your right name, no...no...no" <--Ain't Misbehavin'
Jean-Claude Juncker **Antonis Samaras likes you in Facebook**
OMG Cat: tits
o/t: Lemur
Shoot the hostage!!!!
When manipulation is this apparent.
What is a guy to do with cash in trading accounts?
Why, withdraw the cash of course and convert to physical gold.
If today is not one of the best examples ever, don't know what is! What will it take for people who do watch the broken market to realize that there is only one thing left to do?
BUY GOLD!
99% of the people that read ZH know the market is built on scams, lies and bullshit. My question is how does Bennyandtheinkjets think they will bring trust and people back into the markets to do the un-wind ?
Most people are in the market because of a default (IRA's and 401k's)
The only way that they can keep the markets rising on dwindling volume is to keep pumping money into it. (through QE's or POMO's) This makes people think they are making money while the currency that it is traded in is devalued through inflation.
I say they can't bring integrity back to the markets until at least one perp spends at least one night in jail !
LOL ! You have to laugh because this is one sad scenario that they have created.
Really not that complicated. There is no trading volume, and VIX is non-existant, so how are the big guys suppose to make money? Easy, manufacture some drama. This is all just a dog and pony show right now to give the impression that things are normal
Winning!
A no volume ramp job? My god, I've never seen one of those before. Grrrr. The market is "manipulated". It's rigged. It's the PPT!!
Deal with it. Seriously. They're going to fuck you. You'll know when this has rolled over. They hate picking off pennies from top calling bears. Too much energy to manage it.
Deal with it? guess you have no children, or care about the future of this country. Because all of this will jsut lead to a bigger financial drop than 08 when it all gets fleshed out. The higher you go the further you have to fall.
No doubt this market is overbought. But there ain't exactly a lot of selling pressure either. It'll fall or the fed will dump another trillion into the market to send it through the roof. Either way the people who are paying attention and know what they're doing will be fine. Sorry for the people on auto-pilot, but that's how you get fleeced.
unfortunatly for the common man they will get fleeced since thier 401k's and savings are all in mutuals that invest in quality stocks like NFLX and PCLN. Thank uncle ben for ZIRP4EVA because its a crime to have cash or bonds and be safe and prudent.
With my 401k, I've only ever put it in the money market. I know it loses money on a real basis, but since I've been working the equity markets have gone pretty much no where overall and to be honest, you can't move in and out of it fast enough to make any alpha. I'd rather my 401k have just been a health savings account that could roll over every year and be taken with me from job to job. I cashed an old one out from a previous job to buy silver and don't regret it for a second.
Uncle ben says you are a sucker because you aren't even outperforming inflation with your measly money market account. You know this and still stay out of equities good on you, but the milliosn out there reading headlines about missing the bull market and baron's cover(well who actually reads barons) of Dow 15k will just lead to trouble. bubble bubble toil and trouble.
This 'news' was known well in advance (coming out at 11:00 pm Greek time, give me a break) ... it was simply used at 3:00 Est to juice the market ... manipulation pure and simple and indeed extremely obvious with risk on shorts running for the hills all at once. Just one more proof that we are being cheated by TPTB ... The markets will dip tonight and repeat the crap of today tomorrow
The trick only works for so long. Eventually the markets get stretched too thin, and it has to correct. We will literally be at 1900 on the S&P if the rate of increase since the start of the year continues. In fact we are way way beyond the 2% increase in growth Ben promised he would ensure. The market has to consolidate and correct some time and juicing it over and over only ensures that when it happens it will be bigger and more violent than expected.
Funny, isn’t it, how Bernanke can lift the stock market, paying for it by lifting America’s life savings, but he can’t pay for the housing market?
You gotta love the term: Private Sector Involvement. You want to grab the technocrats and shake them and say: you know what happend in a true default.... here's a clue... the Prive Sector is Involved.
oversold for the day.Look at the 1 min from a VSA perspective and the move was obvius .By the way I cashed several hundred on the move.
Explain please. Oversold based on what?
That's what I'd like to know, At it's low the S&P was down 1.2% over yesterdays close, when the market was up. In what world is that oversold.
This was not an 'oversold' condition (which could happen in one place) but a general risk on ramp ... the same move was seen in AD, CD, GC, SI, EC, HG, ES, and BP at the same time and relatively the same percent change. This was a 'planned' release of news for a manipulative purpose
The news release IS the backdrop to fit the market manipulation.
Used to be obvious only to OTC. At least one thing is for certain. There wiill be a dump after every pump.
...with this forum i am confirming that when the SHTF i intend on paying my credit card debt, possibly, in full
Thats the HFTS for ya. Rallying on mania. Don't think many humans were in on this, just a bizarre feedback loop on Greek/EZ schizophrenia. But, what the HFT gives in emulating human momo trading x1000, it takes away.
We are doomed.
Just short everything ...
No
From here? Yeah sure, bears were selling the market on open. The last min spike were no volume momo machines, now the market is back to it's top again. So you short again. Volatility is starting to pick up, so the swing trades will be be back in vogue once the ranges open up.
Greece is f*cking finished. Those ball-less a-holes are throwing the grenade back and forth. It's going to blow, might be on the EU side, once the rest of Europe wakes up and realizes the EU is the biggest joke since communism. The Europeans are acting like deranged children. Pathetic.
I repeat. "The Europeans are acting like deranged children. Pathetic."
This is no act
Final curtain will feel like the end of the world. Very close now.
All the horseshit macro data (con. sent., retail s., indus. prod.) both from the us and euro and yet the dow closes green.
All you have to do is spit out a seemingly positive word/adj to the wires for the the algos to pickup...
Who ever is at the top of this game must also have one of those Staples "That was easy" button near by to press.
THAT WAS EASY!
APPLAUSE
He should just email/tweet or sms the damn letter...
Who gives a f anymore
Must be talking about his psych ward induction papers.
Mish:
http://globaleconomicanalysis.blogspot.com/2012/02/time-for-some-honesty-no-one-gives-rats.html
"All this fantasyland talk of Armageggon (sic) if Greece exits the euro is total nonsense. The world will not end when Greece defaults. Indeed, the world might breathe a sigh of relief."
Told you so, many times. Greek default will be a non-event and markets will rally, not implode.
a non-event.....are you joking?
if it was a non-event they would have let Greece default a year ago
Why does MSM (and Bloomberg/"CNBS") even bother employing journalists anymore. Just may as well have a continuous screen headline loop set on :
"Markets rise on hopes of Greel deal" and then 12hrs later "Markets fall on Greece Concern"
This market manipulation stinks to high heaven - that's why it's so dangerous to be short EUR in this environment I've found. All it takes is one bastard politician to say something and the market spikes up forcing short covering.
Still I 'm glad I took 70pips on short EUR/USD today and got out just as it started to spike.
Be careful out there folks - Hopefully the armageddon trade will make us rich when this thing blows up. ........ Or maybe it'll be BULLISH?
Maybe the envelope contains Anthrax, and will kill everyone in Brussels, that's gotto be a major positive for the market!
All aboard! Last stop, the moon
This is what you get when you get a bunch of nit-wit academics (fed governors) believing that manipulating the stock market higher via PPT will solve the financial crisis. They are doing far more harm than good and really don't understand that classroom theories don't work in the real world.
What about the morning futures ramp? 4am daily, 2am when things get real dicey.
I like to call it "Little Timmy's 4am Hickery Hardwood" ....that wood is so hard a cat can't scratch it. Stories of every possible Euro fix are very arousing, and this shit never gets old.
The market is obviously gamed by a criminal terrorist organization.
And yes,I am calling the system corrupt to the core.......
Fuck this market!! LOL
LD scenario - is still alive (meaning the TOP could already be in place) -- the sharp rally into the close today could have been Leg B of C. LD's are comprised of 3 waves primarily. The market would need to turn down and put in a new low below today's low. My target is 1336.
http://jeffreygtc.blogspot.com/2012/02/tuesday-february-14th.html
Samaras who said, "We'll agree to the terms and renegotiate later" ... has now said ... "we'll agree to the terms" ... and someone thinks the late day rally had something to do with this?
All of those classes in high school and college that were a complete waste of time have all suddenly made sense. Dumb down the masses enough and anything will sound reasonable to them.
But why are we even discussing this instead of the Fed's POMO schedule?
why has my post on Greek gdp coming in at -7% been deleted??? is there also censorship on ZH???!!!....
My bad.. take that back, was on page 2 :)