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Papademos Says Outstanding Issues Remain, EURUSD Slides
Another day, another delay, and still nothing is done.
- GREEK PREMIER SAYS OUTSTANDING ISSUE NEEDS FURTHER WORK
- GREEK PREMIER SAYS DISCUSSION TO CONTINUE ON OUTSTANDING ISSUE
- PAPDEMOS SAYS AIMS TO CONCLUDE LOAN TALKS AHEAD OF THURSDAY'S EUROGROUP MEETING
And on the off chance that Greece, gasp, does not actually get something done by the deadline, it means that at tomorrow's meeting the only topic of discussion will be the calorie content in the taxpayer funded pastries. In the meantime, some semblance of reality is creeping back into the EURUSD.
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Prediction. Somehow someway the 14 billion EUR bond repayment gets covered but no official deal.
Could somebody just turn off the Matrix? I wanna get out of this shit, once and for all.
Go ahead and take the blue pill. There may be some half-life left in the placebo effect.
If there was no remaing work to be done, there'd be no fucking outstanding issues.
Jesus H Fucking Christ
Pabulum
If I behaved like this at work I'd be either fired or put on long term mental disability leave.
I'm with you, Knuks. Sheer insanity. It shows you just how desperate the situation is for TPTB, and as a consequence, the rest of us. It would be comical if the stakes weren't so high.
Yes, "Somehow someway the 14 billion EUR bond repayment gets covered but no official deal."
The Millionaire to Greece's rescue. John Beresford Tipton, what a gentleman and humanitarian!
http://www.youtube.com/watch?v=yCZvGV36NNg&feature=related
No $hit! Let this Greece fucking die already! This shit was old last year. Enough is enough.
This will go all the way down to the wire. We're far from capitulation on either side.
The productive members of society will end up paying for it.
Love it! It doesn't get any better, guys, from a trader's perspective... ;-)
how about this prediction: it is finally over OVEEEEEEERRRRRRR. No deal.
The market really needs the clarity of a Greek deal getting done....
...then on to Portugal, Ireland, Spain, Italy & France.
We need to get this going so that all these countries can cut their deals, and then default shortly thereafter, starting with Greece.
PPT will be out in full effect. I dont care how bad the news is, anyone who thinks the SPX will crash in dollar terms is out of their mind. The fed will print so much fiat bullshit to bail out every bank in the world. If there is a downturn in SPX, it will only be a simple fibonacci retracement, and the melt up will continue as long as the fed policy is ctrl+P. the only crash you will see in SPX will be in terms of Au and Ag
And prices of the essentials of life will skyrocket, crowding out more and more (until there's none to speak of) discretionary spending.
Damned if they do - damned if they don't?
Naaaw.
They know what they're doing via fiat printing is causing dislocation on an unprecedented scale, and that the 50%+ rates of inflation on basic foodstuffs and energy that's being seen in many parts of the world is structurally damaging the global economy.
The only thing that matters until November 2nd for U.S. political incumbents is pulling out every trick, illusion, hologram and other device of deception to ensure sheeple Americans don't feel too much pain in the form of inflation, and do not begin to fret at the prospect of lurking inflation around the corner.
If you think The Bernank looks tired under questioning now, wait until October.
Ben Bernanke. He's already reserved his place as a matter of inevitability as the most disastrous central bankster in American History.
Everything comes to end. The market is not exactly flush with liquidity, as far as trading goes, we have spec trades that sent a bear market bid (within a bear market). It's an overlong market. This Greek BS is most likely going to disappoint as ZH points out that all of the PIIGS will want the same deal, the dumb asses at the ECB will have to keep the mouths shut of bond forgiveness illusions. It was to keep the EUR bid. Basically rhetoric is rallying the market. QE3 is happening with USD swaps to the ECB and the ECB is printing like the madman they are - but mostly backstopping EZ banks. Markets are still dry out there. The biggest print job will come when the markets go bidless, that will be soon. ECB/FED/IMF will throw everything into the market on that. But, a 20% (or more) wipe-out is coming.
read this : GAMECHANGER: The ECB Opens The Door To Debt Forgiveness Across Europe Simone Foxman | 17 minutes agoRead more: http://www.businessinsider.com/gamechanger-the-ecb-opens-the-door-to-debt-forgiveness-across-europe-2012-2#ixzz1lppBxX2L
Yeah, cause BI is full of really smart writers who don't get all of their information from CNBC.
#JoeWiesenthalIsAwannabeAndrewRoss-SorkinObamaPropagandaBundler
Weaselthal is a professional troll.
Hey, don't talk about foxy SimOne like that...
Actually posted here hours ago.
(Broke) Monkey See, (Broke) Monkey Do
Furthermore, Zero Hedge predicted the lining up on the European gravy train back in October 2011:
"this means that Portugal, Ireland, Spain and Italy will promptly commence sabotaging their economies (just like Greece) simply to get the same debt Blue Light special as Greece."
If those holding CDS on Greece plus the rest of PIIGS are in control of Greece's (and the rest of the PIIGS) plight, and I don't believe this is any 'conspiracy theory' except for troglodytes wakening from a two year hibernation, then gee...I wonder what will happen....hmmmm.
Also, if Greece is Lehman, who does Spain or Italy play?
And who will be the Eurozone's Hank Paulson?
If Greece is Lehman, Italy/Spain is the big mofo asteroid that when it slams is going to take away all the nice leafy fronds.
does tyler want the shiny smiley face sticker that reads "way to go" or the "thumbs up" scratch n sniff one that smells like grape?? ;)................................
Come on Kito, Au or Ag Star!
Tyler,
Don't worry about BI they have very little original content. That chump Blodget who is running it is no better today than he was when he was ripping off the public during the .com bust.
Good for ZH. but to get back to the substance of it :
Debt forgiveness by ECB is an new spanner in the works, and as you have said will lead to similar deals for all the PIIGS!
Rough ride ahead for ECB/Merkel, if OSI really repeats.
BI is hyped up bullshit and the rest is random copy paste crap from the net, usually reddit.
must.hold.1.322
...oops (just the tip?)
Stoiper wants his 1.38 as revenge against Tyler dragging Stolper's name in the mud.
If the bots can pump the S&P to 1350 solely by riding the coattails of this Greek tragedy, just imagine how high they can take it with the implosion of the rest of the not-so-free world.
stocks up today but also short term volatily, are we in for a leg down?
You may be on to something but when the selloff started today they righted that ship in a hurry. You would think all it would take would be a spark to light a monster fire but they put it out pretty damn quick today.
if i am correct euro will be up in no time
1.3280 by 7.50 and 1.31 by 10PM +
They are contending with giant quantum forces at this time...
Amazing how they are keeping this puppy above the Fib-level. Just uncanny!
huge shorts still on this. floor been called at 1.30.
still drinking tequila?
Love a good margarita!
hooked up some Esplon. Not bad at all. Cheap and good...if all goes well on Friday night. I am drinking up. Doomsday.
Semblance....u gotta be kidding.......the currency should have fallen-off a cliff but it didn't after an announcement like this........
The currency is well supported....This has strong signs of a turning point...... something is in the works, the price action looks like it will fly at the smallest of positive news.......I think market will prove ZH bearishness to be incorrect, at least in the short term......next stop.....1.42!
These Greecey bitchez must be making a fortune frontrunning the Euro trades from these rumours.
The deal offered is complete rubbish and insane. Nobody with a brain would accept what Troika is asking.
DEFAULT AND TELL THE BANKSTERS TO SUCK IT ALREADY.
http://www.tomwoods.com/blog/26-things-non-paul-voters-are-basically-say...
26 Things Non-Paul Voters Are Basically Saying
(2) Our country is basically bankrupt. Unfunded entitlement liabilities are in excess of twice world GDP. Therefore, it’s a good idea to vote for someone who offers no specific spending cuts of any kind.
(5) I am deeply concerned about spending. Therefore, I would like to vote for someone who supported Medicare Part D, thereby adding $7 trillion to Medicare’s unfunded liabilities.
(6) I am opposed to bailouts. Therefore, I will vote for a candidate who supported TARP.
(8) Even though practically everyone was caught by surprise in the 2008 financial crisis, which we are still reeling from, it’s a good idea not to vote for the one man in politics who predicted exactly what was bound to unfold, all the way back in 2001.
(14) If someone has a drug problem, prison rape is the best solution I can think of.
(19) Indefinite detention for U.S. citizens seems like nothing to be worried about, especially since our political class is so trustworthy that it could never abuse such a power.
(22) I do not trust the media. But when the media tells me I am not to support Ron Paul, who says things he is not allowed to say, I will comply.
(24) I want to be spoken to like this: “My fellow Americans, you are the awesomest of the awesome, and the only reason anyone in the world might be unhappy with your government is because of your sheer awesomeness.”
(25) I think it’s a good idea to vote for Mitt Romney, whose top three donors are Goldman Sachs, Credit Suisse, and Morgan Stanley, and a bad idea to vote for Ron Paul, whose top three donors are the U.S. Army, the U.S. Navy, and the U.S. Air Force.
(26) I have not been exploited enough by the cozy relationship between large financial firms and the U.S. government, and I would like to see it continue.
default coming.
Get ready for the ECB/FED print from hell.
http://www.davidicke.com/images/stories/October20114/gold_bars.jpg
bitchez.
Don't worry, the UK will give the Greek government some of that and all will be fixed.
UK Goverment Planning to use Nerve agents on Rioters
http://www.independent.co.uk/news/uk/crime/government-may-sanction-nerve...
There are now TWO issues. The Social Party spokesman just said that Greek party leaders refused to scrap the holiday bonuses, instead of offering to cut the minimum wage by 22% rather than the requested 20%. If my math serves me correctly, 2 months of extra pay is nearly 17%.
Greek wages are split into 14 segments, with the extra's landing in Christmas and July (Winter / Summer holidays, which is actually a fairly good way of ensuring consumer spend in those months, but I digress).
Greece has unfinished business from the 1970s (heck, there are people alive who remember the junta); don't expect anything but a fracture
There is a leak of the proposed LOI of Troika.
Among other things:
cuts in the minimum wage~22% and 35% for younger workers
cancelling of holiday bonuses for 2012-2013
automatic transformation of employment contracts from limited time to indefinite (allowing for easier layoffs)
right of an employer to switch full time employment to part time
up to 2012H1 sale of Water/Natural Gas company/ OPAP(ex state monopoly)
at least 150.000 less public workers up to 2015
Deeper cuts in pensions
The 3 party leaders agreed on everything except the pensions. Talks will continue overnight to be able to reach a decision before tomorrow's EUG meeting.
Extreme-right wing leader said that he will not agree or sign on anything before he gets the opinion of the authorities regarding the compatibility of this LOI to the Greek constitution and a report suporting that suggested measures will be effective and geared towards the benefit of the people.
The reason? They know they might be visiting the courts for high treason. Right after the voters get their turn.
"cuts in the minimum wage~22% and 35% for younger workers" kind of amazed at this persistent bufu'ing of the "capable of violent-armed-revolt" sector of the population.
Screw this crap. I'm gonna go watch " Family Feud", and wait for the China CPI numbers in 2 hours.
This will carry on into the weekend, no doubt about it.
Deadlines don't mean shit anymore.
So why did gold go down today? Perhaps it is time we trusted in the US dollar after all it is backed up by the federal reserve!
http://www.youtube.com/watch?v=ZLL2r3hXmjA
Because gold stocks wouldn't go up with gold yesterday, it was an obvious tell, I bought DZZ and made money on it.
1/2 of headline news are about gay marriage, it's like everyone cares about it so much.
Someone simply HAS to perform a study on what happens in Greece if they simply make no announcement and miss their March interest payments.
They need to stop ending their studies with default. Rather, what happens the day after, and the week after and the 3 years after.
No One Will Starve. The Red Cross won't allow it.
Then three years later . . . they have a country where banks send them interest payment requests and they ignore them, pay no interest at all and proceed with life. And do so with the Euro. Don't leave the EU. Just don't make payments.
The alternative is make interest payments forever at a magnitude guaranteed to ensure no child or grandchild ever achieves success.
Frankly, the world would then be treated to a spectacle of the EU blockading Greece to prevent Red Cross aid coming in. They CAN'T allow Greece to default without pain. If Ireland, Italy, Spain and Portugal saw that no one starved, they'd follow.
You mean there is an arbitrage opportunity in hiring out London rioters to go on "holiday" to Athens to "party" and "teach them olive-heads a lesson"? You know, skip Ibiza for a season. hmmm
The only issue "remaining" has to do with pensions cuts ( approx 300mill E )
They agreed on the rest.
PP
I don't understand. I thought Greece was already priced in.
Wow, didn't see that coming ::rolls eyes:: I guess we have to endure another month plus of Greek debt hype in the MSM until it finally defaults on March 20. Then we can start on Italy and Portugal, and later this year (if we are still here) political ads. I can't wait
anyone think there is a relationship between the 'early' 26 week greek debt sale and the surprising decline in tax revenues yoy? perhaps the default will occur much sooner, like friday, since the debt was to roll over maturing bills, but alas, they didnt collect as much cash as they thought they would?
Karat needs to call iceland and get the details on how to regain their independence.
eur/usd at .90 by july 4; aegean cruises on the cheap all around! see you at the Pink Palace in Korfu!
When the default does take place (and it will)...I'm pretty sure there will be no news of it during market hours.
A Friday night announcement seems a most likely scenario.
The due date we keep hearing is March 20. I suppose the issue is doing all of the documents, etc. and lining up all of the private creditors with wet ink or freshly faxed signatures so there are no debt holders who are not signed up. As March 20 approaches the practical difficulty of getting all of those signatures rises exponentially. At some point prior to March 20 there will simply not be enough time left.
So answer this: if you hold Greek debt which is fully covered by CDSs you've been making your payments on, why on earth would you take a 70% haircut deal? You wouldn't, so there must be something else going on:
1. there are no such holders of debt - the CDSs have expired or were settled for cash at an earlier stage.
2. the holder of the CDS has had a sphincter-tightening moment when he found out his counterparty has no money, but has a bunch of sovereign bonds and more CDSs from insolvent counterparties, so he decides to take what he can get.
3. Your guess?
EUR/USD already back up to where it was prior to this news...like nothing ever happened. Amazing.
from DJ newswires:
*far-right leader walks out, Greek talks continue.
"far right?" haha...what a circus
Im getting the idea that Stolper may have gotten one right now. EURUSD has almost hit 1.33 since his call for buying 1.30 so now he is no longer a perfect fade.
EUR/USD is coming up on the 100 day MA. I think that's where the uptrend ceases. Next trip down should drop below 1.25 (give or take a little).
Now, if there is a Greek default between now and then, all bets are off...it could test 1.10 or maybe even par.
What if it doesn't provide resistance? It also just blasted through the 50 day. But has a downward-sloping 200. But has a bullish MACD divergence. I understand the thinking behind MA strategies, and am aware of the big technical signals/levels because you have to be, but would be curious as to why you think the 100 will serve as resistance, and what makes 1.25 your target.
All the qualitative arguments about why the euro should be at parity are already out there, and people have been using them since the bottom to justify their bearish calls. "Sell it at 1.27, it's going to parity! At 1.28! Oh, fuck it, wait for a bounce to 1.30 then take a mortgage out on the house! And eur/jpy! At 99! At 100! Still like shorting it at 102!!!" And these reasons will be used to say "See, I told ya!" when the euro finally does top out, but the euro's making higher highs in the face of increasingly worse news and COT positioning.
Euro strength across pairs is a big reason why I think the equity markets are topping here. SO MANY PEOPLE are short because they were using it as a funding currency, which was popular until a few days ago when at least one of the big banks we trade with changed their funding recommendation from eur to chf. That's the closest to "I was wrong about my short euro call" as we're going to get...adjusting the funding currency. But it looks like the euro is just about to take off across the board, against high beta currencies like mxn and brl, as well as the more liquid gbp and chf. Short eur/aud has been unequivocally the biggest bandwagon trade I have ever seen the last couple months amongst hedge funds/lev names.
Ironically, long euro could be a de-risking play. Talk about a pain trade. I still think we're early in this short squeeze.
I trade only short term. I rarely ever hold positions overnight.
The EUR/USD has traded below the 100 day MA since late August. As I have it charted, the E/U has been trading in a downward channel since April 2011. that channel is still perfectly in tact. That's where I arrive at the next downturn heading to 1.25 range. The top of the channel is around 1.35. It might get there, it will depend on news. But I don't see it going above that.
The three MA's I use are 10/40/100. So far, it has worked well for me. I pay attention to the traditional 50/200MA...but I trade the 10/40/100.
Thanks for the response - genuinely appreciate it. Will throw the 10/40/100 on my s-t charts and see how they act. Cheers.
When you apply those MA's look at the moves when they cross. Also, I tend to short on breaks below the 10 and go long on breaks above it.
When the 10/40 cross, either down or up, it's been a reliably good indicator.
Good luck with it.
cheers!
The only solution for Greek---return to drachma then hit the press!! Make sure ask Ben for advice.
I think you are on the money. That could be what those Greek 'leaders' may be angling for: a return to the Drachma
For God's sake, think.
Why would Greece return to the Drachma? What does that do for them? The debt is in Euros. No bank holding the debt will accept anything but Euros in interest or principal.
If Greece is going to default and not pay interest or principal, then this doesn't matter, but there then remains no reason to leave the Euro. The Euro is buttressed by Germany. Why go to the Drachma which has no underpinning at all but a Greece that spends more than it brings in via tax revenue.
The correct procedure for Greece is to say nothing, miss the March 20 payments, and not leave the EU. They can then borrow no more money, the deficit slams, there is catastrophic upheaval in Greece, the Red Cross prevents anyone from starving and in just 2-3 years they calm the upheaval AND HAVE NO DEBT INTEREST TO PAY, AT ALL.
wanna bet?
the Germans have a sense of humor
http://si.wsj.net/public/resources/images/OB-QL396_drachm_DV_20111107112...
Picture taken on June 30 2011 in Berlin shows an advertisement of German car rental firm Sixt published in a newspaper, reading "Dear Greeks, we now once again accept drachmas."
so once they're converted into.."internet people"..apparently all the CIA will have to do is "hit the send button" and they'll "grab they're axe handles and ATTACK!" and then it all get's posted on youtube and everyone can have a good laugh! HARDY HAR! HAR! think of it as "Zynga without the cartoonishness." i don't know about you but i can hardly WAIT!
for all you EUR traders:
0034 GMT [Dow Jones] Agreement on an aid package for Greece - which could be struck in the next 24 hours - has largely been priced in already in currency markets, says Rob Ryan, G10 currency strategist at BNP Paribas. But the EUR/USD will nonetheless likely see a knee-jerk move higher if and when that deal is announced, potentially rising as high as 1.35 or 1.36 as more EUR shorts are stopped out, he says. Other pairs like AUD/USD and GBP/USD would get a smaller bounce, since there aren't as many short bets to unwind there as in the case of the EUR. But it may be downhill from there for the EUR. "We think once that initial move is over, the euro will underperform on the back of weak growth prospects and easy monetary policy," says Ryan. The EUR/USD is at 1.3237.
I am going for the meeting to be a flop. 1.32 blown out. I aint trading this, but if i was...
"We think once that initial move is over, the euro will underperform on the back of weak growth prospects and easy monetary policy," says Ryan.
That already happened two weeks ago. The shorts are being unwound pretty quickly now but it is resulting in churn, supported by your local central bank. There is a long-term Fibonacci level that has been traded around all day and the desperation is becoming apparent. It seems they are running out of steam.
:D
I think the guy that wrote that is outta of Asia for BNP. From memory the doom traders on the EUR are Barclays...of course the UK, so they can be bid the GBP. Ruthless world.
Europe is due for some sweet volatility, brutal style
The Greek bailout operations are mind control.
MKULTRA - from Wikipedia:
Although the CIA insists that MKULTRA-type experiments have been abandoned, 14-year CIA veteran Victor Marchetti has stated in various interviews that the CIA routinely conducts disinformation campaigns and that CIA mind control research continued.
Has something to do with training the synaptic structures to grow in such a way that people learn bankers are their masters.
For the past week, anytime EURUSD approaches a round figure on the downside , a sudden 70 pip burst materializes over a two minute period, always Euro positive. The pattern repeats once or twice daily. Though attributed, after the fact, to some spurious rumor, it has the distinct look of intervention.
The success of the Greek bailout boils down to how much humiliation Greeks are willing to take. It looks like there is no limit to how much they can take. The old greeks Plato and Co. must be turning in their graves!
Anybody check out the chart on AAPL, ULTA, LULU lately??
Completely unfazed by Europe's ills.
when you dont plan on paying back your debt you can clearly still buy your daily ipad
HFT quantum jitters make market rise on low volume. There doesn';t seem to be enough volume to claim there is a sustainable trend. If greece is solved (even by some completely transparent, phony baloney non-deal these Euro-twats are becoming famous for, then the equities market may get some instituitonal buy-in, since Ben has elininated other forms of returns.
Scary how naive investors can be, init, RT? Almost makes me think there could be a big problem coming ahead.
QQQ puts looking very attractive. March 63's trading 1.62/1.65, IV at 16. Buy at the sound of canons, sell at the sound of trumpets and all that...
Does anyone really have a clue that the Greek thingy is soooo 2011, there is no problem..BTFD and if they do default it will not be tomorrow or Mar 20th, more like 5/29 when everyone is leaving for the summer and the ESH trading 1450...have a great day!
While it would be supercool for the Greeks to not go along with this "endless depression" deal being foisted on them by the Eurotwits, and a long overdue kick in the nuts of the banksters who are scamming us all, no doubt an answer, no matter how phony, short-lived and dumb, will emerge from all of this chaos.
EUR is headed to 1.20. I don't see many short squeezes on this next rout, or at least not on the scale we recently saw. I'd also stock up on some EDZ. I see still inflation as a major headache for emerging markets next 2-3 years.
So little time and so much work - damn we should have started working on it when it was announced in november rather than booking more summit trips
TD, quit wasting your time with this deal, pick back up on March 19, geez, like watching a never ending ping pong match
ummmm...the Euro is back to where it was before the news broke.
buy buy buy