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Panic In Italy: FTSE MIB Down 6.2%, Biggest Drop Since May 2010

Submitted by Tyler Durden on 08/10/2011 10:27 -0400

Remember when we said yesteday that the FTSE MIB won't have a good day today? It isn't...

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Wed, 08/10/2011 - 10:29 | 1546197 william shatner

Timberrrrrrrr!

Wed, 08/10/2011 - 10:35 | 1546230 Ahmeexnal

il stronzo ha colpito il ventilatore

Wed, 08/10/2011 - 10:39 | 1546261 Bahamas

lo stronzo is correct

Wed, 08/10/2011 - 10:53 | 1546331 spondoolix

try excrementi. Stronzo means "asshole"

Wed, 08/10/2011 - 10:42 | 1546279 runlevel

shoulnt it be

Wed, 08/10/2011 - 10:46 | 1546297 eisley79

you'll be seeing lira, and deutschemark, escudo and peseta,

draechma, guilder, and schilling.

But do you know.....the most insolvent currency of all??

Euro, the coalmine's canary

Had a very funny smell......

Euro, the coalmine's canary,

Federal Notes you are next!

Wed, 08/10/2011 - 10:55 | 1546348 Going Loco

I may see those but I shall be taking only gold and silver as payment.

Wed, 08/10/2011 - 10:30 | 1546200 eurusdog

EURUSD is rolling now just above the 1.4150 support line. It hasn't been touched yet, but I think it gets broken today. Still short the EURUSD. Will remain so until the Euro goes kaput, and then I'll shor tthe USD.

Wed, 08/10/2011 - 10:32 | 1546210 Sudden Debt

compairing the euro to the dollar and vice versa isn't really a indicator you know :)

It's like compairing burning diesel to burning kerosine....

Wed, 08/10/2011 - 10:43 | 1546284 Growyourownfood

Agree, also short eurusd. They are out of time, and the europeans have no loyalty to the euro. Not like americans and usd. Euro will end first.

Wed, 08/10/2011 - 11:06 | 1546412 Transformer

Finally figured it out yesterday. The USDX is never going to go below 73. Why? because it is not an absolute measure. Since all the currencies in the basket are depreciating at the same time, the numbers stay pretty much the same. Any changes in the numbers merely indicate (for the chairsatan and other CB heads) that it is time to turn on the printing press. The goal of all the countries in the basket is to keep the numbers relatively the same, and they are doing that.

That's why gold continues to go up and the USDX remains relatively unchanged. Gold is the real measure.

Wed, 08/10/2011 - 10:30 | 1546202 Sudden Debt

PLEASE PANICK IN A ORDERLY FASHION!!!

BANKERS AND BILLIONAIRES GET INTO THE LIFEBOATS FIRST!!!!

THROW THE WOMAN AND THE KIDS INTO THE WATER AND USE THEM AS FLOATING DIVICES!!

Wed, 08/10/2011 - 10:33 | 1546212 Sophist Economicus

I want a case of whatever it is you're drinking! I'll pay all shipping costs to the US from Belgium and a 20% premium.

Wed, 08/10/2011 - 10:42 | 1546277 william shatner

One case of dr pepper coming up....

Wed, 08/10/2011 - 11:07 | 1546419 Transformer

Dr Pepper it is. Bitchez !!!!!

Wed, 08/10/2011 - 10:44 | 1546288 Larry Darrell

Must be mixing his port with his whiskey again. A great combination for smooth drinking and erratic thought processes.

Wed, 08/10/2011 - 10:45 | 1546295 Overflow-admin

He must be drinking some Delirium Tremens. I should too.

Wed, 08/10/2011 - 10:40 | 1546266 flacon

I'LL TAKE 24 OF YOUR BEVERAGE TOO!

Wed, 08/10/2011 - 10:55 | 1546353 Silver Dreamer

He doesn't even have to comment, for the GIF alone cracks me up. 8-)

Wed, 08/10/2011 - 10:31 | 1546205 TomGa

ZH gets big plug on Bloomberg TV. "Rumor" on ZH is the cause of today's drop!!

Wed, 08/10/2011 - 10:33 | 1546219 Sudden Debt

HE LOOK!! SOMEBODY IS PINGING MY IP!! WHO COULD IT BE?!

RING RING? WHO'S THERE?

Wed, 08/10/2011 - 10:44 | 1546289 slaughterer

Since joining this website, my IP is constantly being pinged.

Wed, 08/10/2011 - 10:54 | 1546343 heatbarrier

NSA. No Such Agency.

Wed, 08/10/2011 - 10:54 | 1546345 dogbreath

please explain.

Wed, 08/10/2011 - 10:55 | 1546357 Hulk

They want to know who we are. We are the last roundup, then their work is done...

Wed, 08/10/2011 - 11:09 | 1546426 Mesquite

And some mysterious computer problems...

1984 here we go...

Be safe all..

Wed, 08/10/2011 - 11:16 | 1546467 John Law Lives

That should make you feel important...

Wed, 08/10/2011 - 11:18 | 1546478 geminiRX

I have said a couple times in the past that they may label ZH and readers as financial terrorists. Like someone quoted yesterday.....truth is treason in an empire of lies

Wed, 08/10/2011 - 11:55 | 1546748 DosZap

gemini 11:18

You got it.

IF your fiscally responsible, your the ENEMY.

Did you see the Tea PArty getting blamed BY EVERY DEM on the reason for the S& P downgrade?, that was 2yrs past due?.

They did it out of embarrassment......since they were fistf'in everyone BUT US.

Was at my dealer yesterday, and he has owned a big PM's store, sold it went to work for another even larger, and he said in 30yrs, he has never seen Gold cost more than Platinum.

Well we are sitting a @ $1792/4.00,v.s. $1763.00 now.

Wed, 08/10/2011 - 12:35 | 1546988 geminiRX

People are starting to think my wacky PM ventures are not so absurd anymore

Wed, 08/10/2011 - 10:36 | 1546238 Cognitive Dissonance

I get a kick out of the MSM's cognitive dissonance regarding ZH.

On the one hand they tell everyone that ZH is just a pimple on an elephant's ass and not worth the time of day. Yet they also just implied that the ZH pimple can cause a panic. Must be a very big pimple.

Go long pimples everyone.

Wed, 08/10/2011 - 10:40 | 1546268 Quintus

I prefer to play that via a short Clearasil position.

Wed, 08/10/2011 - 10:50 | 1546315 Cassandra Syndrome

Wile E. Coyote gave me good inside info to long Acne Corporation yesterday. Spot on!

Wed, 08/10/2011 - 11:11 | 1546383 TomGa

It was during an interveiw with a trader who mentioned Tyler's site was widely read by traders. Bloomberg girl looked like she was about to lose her bowels into her panties when she heard that a story on a non-MSM site could tank the market.

Wed, 08/10/2011 - 11:17 | 1546470 Cognitive Dissonance

LOL

Something similar happened a few months back on CNBC. Sue and Googles (MCC) suddenly looked like they had just eaten bad sushi.

Wed, 08/10/2011 - 10:39 | 1546260 Smiddywesson

ZH gets big plug on Bloomberg TV. "Rumor" on ZH is the cause of today's drop!!

Yes, we really need some control over the Internet so the banksters can operate in complete secrecy like they used to do. Maybe we can call them terrorists and make the Internet a natinal security asset, then our bankster masters can acquire all the gold they want in secret, and then announce a gold standard, a standard leaving them to set the price of the asset held chiefly by them. Then they will own the world and debt and solvency won't be an issue anymore.

Damn that ZeroHedge, they spoil everything

Wed, 08/10/2011 - 10:46 | 1546290 scratch_and_sniff

edit - whoops, cant post that, dont want to be responsible for anything.

Wed, 08/10/2011 - 10:52 | 1546330 MsCreant

Everyone is responsible for themselves.

Wed, 08/10/2011 - 10:50 | 1546305 walküre

I take full credit with everyone else.

The 245pm intervention yesterday was a load of bull crap and EVERYONE knows it.

Don't blame Italy for the drop. Markets have lost all confidence and extending ZIRP for just another year isn't worth the hype, let alone a 600 point manufactured DJI pump in a few minutes.

Thanks for playing Ben, you've blown the markets to Smitherines. Please leave, now.

Wed, 08/10/2011 - 11:46 | 1546661 ElvisDog

The problem TPTB now face is that their vision of the market, one where they get to play by their own rules, only works if there are sheeple in the market they can fleece. Extreme volatility drives the small fry out of the market for good. No small fry sheeple to fleece means no money made for the big boys. They literally are killing their golden goose with these shenanigans.

I think that was a record for animal metaphors in one post.

Wed, 08/10/2011 - 10:56 | 1546366 Silver Dreamer

Well, blaming S&P didn't work, so apparently blaming Tyler works as an alternative.

Wed, 08/10/2011 - 10:32 | 1546206 Smiddywesson

LOL, anybody remember that guy yesterday saying this was just a fearmongering site and it cost him thousands. Too funny.

Wed, 08/10/2011 - 10:36 | 1546229 bam_son

haha yeah i saw that. Probably bc tyler said something like "we'll give the mkt a few minutes before it realizes this (fed statement) is not good news." Probably went short at the bottom... this site has also warned repeatedly of the power of algo buying trend pushing. Sucks for that guy... should have held on overnight to get some back... Hopefully this site doesn't change too much as it gets more discovered.

Wed, 08/10/2011 - 10:36 | 1546240 WonderDawg

Yeah, I tried to keep my fingers still, but in the end, my fingers won and I had to make a comment about decidning to roll the dice, losing, and blaming the guy that handed you the dice.

Wed, 08/10/2011 - 10:43 | 1546282 Smiddywesson

Hey we have all been there, trying to earn some money with an idea, some fundamental facts, or a technical observation, only to lose it all to market manipulation. It's part of the game to avoid that manipulation. But to blame your losses on a web site? That post belongs in a book on trading psychology. I printed it out for future use.

Wed, 08/10/2011 - 10:40 | 1546267 william shatner

I wonder how much he lost listening to MSM?

Wed, 08/10/2011 - 10:54 | 1546339 scratch_and_sniff

I have lost a few times while listening to music, especially dance music, i have a few mixes that put me squarely in the spaz zone, and it reflects in my trading. Silence is the best soundtrack, i like to hear the purr of my machines, they get louder as the volatility increases. You could probably design a decent filter around them, if you were a irrepressible geek.

Wed, 08/10/2011 - 10:32 | 1546207 slaughterer

What about the trading computers? They do not float so well.

Wed, 08/10/2011 - 10:32 | 1546209 bam_son

yo tyler i just tried to donate and it wont let me check out either through the site or through paypal. Might want to check and make sure everything is ok with that.

Wed, 08/10/2011 - 10:35 | 1546228 Sudden Debt

maybe if you put in 1000$ and press enter?

Wed, 08/10/2011 - 10:36 | 1546234 heatbarrier

Can we donate bandwidth? Tyler?

Wed, 08/10/2011 - 10:38 | 1546253 Sophist Economicus

He got called into Barney Franks' office....

Wed, 08/10/2011 - 10:33 | 1546211 Cognitive Dissonance

This is really dissapointing. I thought the Fed fixed everything yesterday.

Wed, 08/10/2011 - 10:36 | 1546232 Sophist Economicus

They did! Witness their handiwork....

Wed, 08/10/2011 - 10:36 | 1546233 Ancona

Chuckles quietly

Wed, 08/10/2011 - 10:40 | 1546262 Sudden Debt

they even used duckt tape!

Wed, 08/10/2011 - 10:42 | 1546271 Sudden Debt

oh wait.... it should have been DUCT TAPE.... cheap Chinese knock off crap....

that's the last time we'll call the Chinese to fix these problems....

Wed, 08/10/2011 - 10:42 | 1546278 vib

But only for yesteday :( Markets need constant supply of fixes to handle the reality.

Wed, 08/10/2011 - 10:51 | 1546320 Cognitive Dissonance

Sounds like an addict to me.

http://www.zerohedge.com/contributed/comfortably-numb-%E2%80%93-drugged-dazed-and-dumbed-down-part-2-2

Wed, 08/10/2011 - 10:33 | 1546217 Atomizer

FYI

Skank of American conference call @ 1:00 PM EST

http://investor.bankofamerica.com/phoenix.zhtml?p=irol-eventDetails&c=71595&eventID=4175031

Wed, 08/10/2011 - 10:58 | 1546372 Larry Darrell

Conversation should start off something like:

"Great news everyone. Fannie Mae agreed to purchase more our non-performing loans. With this new infusion of taxpayer capital we can increase payouts again."

Wed, 08/10/2011 - 10:34 | 1546225 heatbarrier

Amphitheatrum Flavium to be privatized.

Wed, 08/10/2011 - 10:35 | 1546227 DarkStarDog

Chris Walin is giving a leason on CNBS piker vision TV David Faber refuses to belive that all this just is due for a 85% hair cut.

Wed, 08/10/2011 - 10:36 | 1546237 earnulf

you tip one domino and the next thing you know, the whole kit & kaboodle is falling!

Wed, 08/10/2011 - 10:37 | 1546243 John Law Lives

PPT to the rescue! Maybe Obumble and Merkel should stand together in the White House Rose Garden and pledge to cover all debt from the EU and the USA forever more. Just be sure that nobody tries to massage Merkel's shoulders during the Press Conference. She doesn't like to be touched that way...

http://www.youtube.com/watch?v=eTQY1Aw9zcs

Wed, 08/10/2011 - 10:38 | 1546245 eurusdog

Paulson's Advantage Plus down 31%. I want that advantage! Sorry 21%

Wed, 08/10/2011 - 10:53 | 1546335 slaughterer

Yes, down 21% and increasing. Get me out! Get me out!

Wed, 08/10/2011 - 10:38 | 1546251 WonderDawg

Looks like the PPT is juggling like 30 plates and can't keep them all in the air.

Wed, 08/10/2011 - 10:38 | 1546254 ZeroPower

SocGen just issued a statement saying all is well. Next step is for them to call us begging not to dump (short??) common

Wed, 08/10/2011 - 10:45 | 1546292 Sudden Debt

Actually if we look back to 2008 and compaire it to now:

1. THE CEO WILL SAY HE WILL BUY SOME SHARE HIMSELF

2. THE COMPANY WILL DO A BUY BACK

3. THE PRESIDENT WILL YELL TO THE EVIL SPECULATORS

4. AMAZEMENT WILL BE BIG WHEN THOSE WOLVES KEEP SELLING THE STOCK

5. MORE YELLING TO THE EVIL SPECULATORS

6. And IDOLS 2011 will be aired 24/7 on television to calm down the markets.

Wed, 08/10/2011 - 10:51 | 1546322 Withdrawn Sanction

SocGen just issued a statement saying all is well.

So did Dick Fuld in early Sept 2008 So did Kevin Bacon in Animal House

Wed, 08/10/2011 - 10:39 | 1546255 MsCreant

A picnic in Italy? Sounds lovely! Are they allowed to have wine in the open?

Wed, 08/10/2011 - 10:42 | 1546281 Quintus

I understand drinking wine in the open is actually mandatory in Italy. Particularly if you are driving an open-topped car.

Wed, 08/10/2011 - 10:48 | 1546309 Sudden Debt

Even hookers are allowed to walk the highway lane and cause hughe traffics. And when a driver hasn't had a good look, THEY JUST DO A U TURN TO GO BACK!!

Really crazy :) You go nuts over there :)

Wed, 08/10/2011 - 11:00 | 1546379 walküre

They should just tax the hookers for additional revenue.

I guess the 60 billion, Berlusconi claimed he "found" somewhere didn't last too long?

But you being from Belgium, understand Italian politics and the wide range of control and influence of Cosa Nostra and Vatican.

Italy won't have auditors and inspectors from IMF and ECB crawling up their backside.

Wed, 08/10/2011 - 10:41 | 1546269 Kataphraktos

FIAT: Fix It Again, Trichet!

Wed, 08/10/2011 - 10:42 | 1546275 Bahamas

Campari is the only stock that's green on the FTSE MIB. I guess people are all out for an early aperitivo.

Wed, 08/10/2011 - 10:44 | 1546287 virgilcaine

Bernank will be impotent until this all flushes out..don't expect any magic 'qe', it's take the pain time.

SP 800

Wed, 08/10/2011 - 10:48 | 1546306 virgilcaine

Truly amazing how quickly 2008 was forgotten and the speculative fervor was flowing again. This bear will be a nasty one for it.

SP div yield 1.8% in 2011

SP div yld 3.5% in 1929

Warning!

Wed, 08/10/2011 - 10:51 | 1546319 jkruffin

The only way out of this mess right now.....let people cash in their 401k and retirement accounts without any tax penalty now...gotta get money into the hands of the people. If Wall Street sinks, so what...it is sinking anyway. It will recover normally as the economy comes back...can't force it like Bernanke is doing...low interest rates mean zilch when people can't get loans, can't get a job, and have had their credit ruined....

Wed, 08/10/2011 - 10:51 | 1546321 americanspirit

When, not if, Italy blows up it will be the rural pensioners who will be most devastated, while Silvio and his buddies skate. My father was in command of the first US unit into Florence and he witnessed what should be the standard Italian solution for all dictators and their whores - Mussolini doing the air dance. Can't you just see that ugly mug of Berlisconi's peeking over the rim of a manila collar, shit running down into his Ferragamos? Where are the Partisani?

Wed, 08/10/2011 - 10:52 | 1546325 lieutenantjohnchard

wonder if the gold haters and bashers are regretting their stupid comments about now? by their very absence from zh i guess to ask the question is to know the answer.

Wed, 08/10/2011 - 10:55 | 1546354 g speed

how much will china back the euro--if at all anymore??

Wed, 08/10/2011 - 11:02 | 1546384 buzzsaw99

e-trade pulled the "e-trade baby losing everything" video from youtube 15 minutes after the market close on black monday (the 8th). That should fix it! LMAO!!

Wed, 08/10/2011 - 11:10 | 1546391 virgilcaine

Non Italian related but have been watchig IBM... Big Blue it's been the Mkt Leader.. rah rah and is being taken out..one of the cues Ive been waiting for.

Did anyone see the Italian fellow Marco Annunziata as Economist for GE? Wonder what he does all day.

http://www.bloomberg.com/news/2010-12-02/unicredit-s-annunziata-hired-as...

Wed, 08/10/2011 - 11:03 | 1546394 nodhannum