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Rumor Rerun: EURUSD Soars On News Proposal ECB To Lend To IMF "Gaining Traction"
When at first you don't succeed... At this point they aren't even trying: the main upward moving rumor yesterday, for those who have an HFT algo's memory span, was that somehow the ECB would circumvent its charter, something which was expressly denied by every German involved, and lend directly to the IMF which in turn would lend to troubled countries. Because nobody would see through that particular ruse. Well the rumor is back, sending the EURUSDS a good 60 pips higher in no time almost breaching 1.36. Just to make the rumor that bit more credible, the unnamed source added some amusing details: "Germany, ECB still opposed to idea but may be willing to consider it according to sources, and if consensus forms a deal may be reached at December 9th EU summit according to sources." And just like yesterday we expect that the official German denial will be out in seconds. In fact, it appears that today the denial came in before the actual rumor.
From Reuters:
- GERMANY'S SCHAEUBLE-NO PRESSURE FOR ECB TO UNLEASH ALL ITS FIREPOWER TO ADDRESS CRISIS, AS THIS NOT PROVIDED FOR LEGALLY- RTRS
- GERMANY'S SCHAEUBLE-IF WE DID DO THAT, CALM ON MARKETS WOULD LAST FOR A FEW WEEKS AT MOST - RTRS
Well, when the China white knight, pardon EFSF, pardon US bailout, pardon ECB lending to IMF rumors no longer work, it's time to start recycling. In the meantime, the chart below shows how stupid this market is. Oh well, thank you for the shorting opportunity.
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Sell the rumor, buy the news.
Greek FinMin: Greek budget measures have been approved by Troika.
This is the reason for the Euro going higher. I suspect we might rally for a few hours or more till reality sets into place.
"Greek budget measures have been approved by the Greek public" would be a much more valid reason for a rally.
This is ridiculous. Since the ECB cannot lend directly to the PIIGS, it will lend to the IMF which will learn to the PIIGS. The only benefit of this strategy is that the IMF will blow as well.
Check this video out if you want to know how ridiculous the world and the European bailout has become: http://bit.ly/tk1vLa
why can't the Greeks lend the IMF money?
You lend me a dollar and then I'll lend you a dollar.
You go first.
I'll gladly pay you Tuesday for a hamburger today.
www.pmbug.com
Its I lend you a dollar you lend me ten dollars. Leverage is a necessary part of this equation for the fools to believe it!!!
I lend you a dollar, you lend me ten dollars so I can lend you hundred and so on. Easy ponzi bitchez!
You should go into international banking. Your a genius at this already!!!
He makes me feel like dumb money. I coulda been a contender.
Who else is sad to miss an opportunity to ride this upmove? :(
Stolper to issue new EURUSD long trade?
UBS London building #occupied!!
http://www.ekklesia.co.uk/node/15737
It will become a bank of ideas : http://www.bankofideas.org.uk/
Nothing new here. Just the usual hail mary BS typical of a system in its death throes.
But it is wrong to focus exclusively on the euro as most of the laimstream media has done lately. The collapse of the euro and the european banking system is merely an appetizer for what will happen in the US in the coming years.
http://real-economik.blogspot.com/2011/11/jim-rickards-four-horsemen-of-...
Everybody's working for the weekend!
Recycling rumors is a green industry.
No it's the Green Revolution (2.0). Destroying Earth's wealth.
EROIE 1:10 thanks to the fertilizers
ROI 1:QEinfinity thanks to the banksters
I have been promised a deflationary crash for years now and all I get is more good news. I've been teased along with story after story. Brokers exploding, sovereigns defaulting, official numbers manufactured. "A system in its death throes."
More support, more bullishness, more annihilation of daBears!
Don't fight the money changers.
Chanukah rally to commence next week.
And AND, the cost of my turkey dinner is up 13 fucking percent.
On a long enough time line you WILL get fucked by inflation. But my gold will outperform. Oh really? On what timeline?
More of my brilliant commentary here:
http://www.turkeyhedge.com
Yes, I'm sorry to say that The Great Turd Ferguson launched his anonymous and inglorious retail stock brokerage career at a bucketshop called PaineWebber some 20+ years ago. I learned a lot of useless things there but one thing I carry with me to this day is a healthy respect for Art Cashin, who was then director of floor operations for the once-proud firm. Art has always been a quick wit and sage source of wisdom. One of my favorite "Cashinisms" is: "You never want to go around predicting the end of the world because it's only going to happen once". I've often referred back to this line whenever I've needed to temper my cynical/bearish/apocalyptic worldview. Tonight, I should probably heed Art's advice once more.
Timing is everything... so don't prematurely ejaculate.
Maybe this will bankrupt the IMF...wake up, huh...Oh I must have been dreaming. Shit!!!
"Maybe this will bankrupt the IMF"
.................
Nope, this will lend more legitamacy to the IMF...even if it is merely a rumor. No such thing as bad publicity.
IMF and one worlders goal? = SDR as new world currency.
IMF goal is to become the 'lender of last resort' to nations in economic trouble (and banksters will make sure that there are plenty of nations in economic trouble). If the IMF can make the SDR 'real money' in the minds of national leaders and central bankers then the IMF can proceed to print SDRs and exchange them for the wealth of nations. By wealth of nations I mean a nations labor + it's resources.
The IMF banksters want to trade worthless paper for real wealth, iows.
SCHAEUBLE-"I'll take this one.....nein!"
I see buying EUO in my future...
This is the better rumor. ECB limits itself to 20b EURO weekly SMP limits.
FRANKFURT -(Dow Jones)- The European Central Bank has determined it will limit purchases of sovereign bonds to EUR20 billion per week, the Frankfurter Allgemeine Zeitung reports Friday, without identifying a source of the information.
The limit has been set to assuage governing council members' concerns about the bond purchase program, designed to ensure the transmission of monetary policy by supporting those countries hit by the euro-zone debt crisis.
From the start of the plan, the governing council decided every two weeks on the amount it would spend to shore up ailing countries' bond markets, but has now set a weekly limit of a lower amount, according to the article.
Several council members have sharply stepped up their criticism of the program in recent weeks, making the majority in support of the program fragile. Central bankers and politicians have said the program should revert to the bail-out fund, the European Finance Stability Facility, as soon as it is up and running. At present, the ECB holds around EUR190 billion in bonds purchased via the program, according to the article.
Newspaper website: http://www.faz.net
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500.
only 20 billion a week so about $110 billion a month or $1.3 trillion a year. by election 2012 should be mostly papered over.....
These markets are beyond absurd. When markets trade day after day on nothing but rumors recycled, with unending faith in the power of ever-bigger government to fix all things, there is no "free market" left. It's all an engineered sham, with all of us as pawns in a global chess game!
yes they have become a joke...the FACTS no longer matter...like tha fact Italys industrial production is down...so that means tax revenues will be down..so that means costs will go up.....but their bonds are gaining....WTF? Oh well..I am on the sideline with my gold....but I still think I have a little economic sense left...but its not working here or today..
Go fly a EURO Kite scheme.
Euro soars due to stops building above 1.3559, it's Friday, and half the world doesn't want to go home over the weekend with a short position because they don't know what "news" will happen on Saturday and Sunday.
So, roll out the headline: "Sun comes up in the East" and traders scramble helped along by the banks et al who will gladly help you get fucked on your stop on the way to 1.3580. Thank you and come again please.
Please resume normal trading in 5...4...3...2...1...it's OK now.
http://vegasxau.blogspot.com
Nonsense. It is simpler than that. This kind of permarket action is simply more proof that there is no market, at all. This morning, every dumb ass banker and hedge fund manager that was chasing yesterday's complete BS up open is now magically being given a graceful exit on a portion of his stupidity...the portion he bought at the complete opposite end of the spectrum at the close. [check WTI if you need an example of what I mean]
This Nonmarket regularly has the capacity to reward the absolute dumbest and worst trader in the room at any given moment...lending even more credence to the notion that...it isn't a market...but rather a rigged casino game.
Welcome to the machine.
As for the dumb ass bankers and hedge fund managers that are being gracefully bailed out yet again this morning based oin an already disproved rumor, I suggest you hurry and dump your stupidity.
I'm sorry you were short.
http://vegasxau.blogspot.com
The agenda of a German controlled Europe in both fiscal and monetary matters is so close to being realized. The question remains: who will be the puppet master controlling Germany?
"The question remains: who will be the puppet master controlling Germany?"
............................
BIS > IMF > G20 And the SCO is in the mix.
The prize isn't as big as Mid East oil discoveries... It's bigger. The prize is all human labor and commodities exchanged for pieces of paper. The fight is over who gets to print the paper and reap the wealth of the world.
oh my god!
these eurocrats and banksters are relly completely out of their minds
is there any FMI bonds outstanding I can short?
EFSF bond short is 150bp "in the money"
uh ... ECB can't print euro can it?
Yes the ECB can print euros, and they've been doing it, but just not yet in the full trillions requested and demanded by others.
It is a thorny EU - ECB legal issue to what degree they are 'allowed' to print, given their mandate of 'price stability', or 'price stabeeleetee' as sometimes known on ZH, but yes they can print, a central bank essentially has to be able to print at least modest amounts for liquidity reasons.
See ZeroHedge article a week ago on the 10th:
« Actually The ECB Has Already Handed Out €1 Trillion; And Why Germany Equates ECB Printing With Hyperinflation »
http://www.zerohedge.com/news/actually-ecb-has-already-handed-out-%E2%82...
how stupid is this market? doesn't it even think for a minute on what kind of risk the imf is taking? or for that matter what risk is the ECB is putting on the line? or what the german constitutional court have to say about this unlimited liability to germany? its nuts!
The 'market' is going up on a rumour that they are going to avoid the law?
Yeah that takes the biscuit alright!
hello, chart the channel of uup/udn weekly. we hit bottom yesterday on the trend line, hence time to lower shorts (cut exposure and buy long). it's what I did. you can also chart the lines on the s and p etc. they all fall in line, but the easiest is udn, uup.
another thing is following the hourly macd. strange you think it's about the news.
this ECB==>IMF==>bankster pockets scheme is a scam, a ponzi, and a con, but also the finest idea to re-fi "civilization" to come out of jackson hole, last summer
bankster banana bonanza bingo, BiCheZ!
now that we have reached an understanding, the american taxpayer will gladly sign for it
wtf, why not?
i'm seeing the EUR/USD just going right thru 136 now, and the futures = bears' nightmare
soon Robo_T will be telling us how great this is for gold bugs
and, i need more popcorn
"now that we have reached an understanding, the american taxpayer will gladly sign for it"
.............................
Not only the US taxpayer, but every human being on earth, is going to pay...and pay...and pay...
If the banksters pull this off it's 'SkyNet' come true, and without cyborgs.
I can no longer access ZH from my home machine or smart phone. This has been going on for several days now, but I can get right on at work.
Anyone having similar issues?
Is my IP address being blocked? TD, do you block certain IP's if they no longer add to the armegeddon theme? Not accusing, just asking.
Irish very unhappy about budget detail leak.
http://www.irishtimes.com/newspaper/breaking/2011/1118/breaking3.html
http://www.youtube.com/watch?v=FwXBtmRTsFs
The impotent EFSF was introduced 18 ms ago.
Now we are to believe that the ECB is going to lend to the IMF so the IMF can lend to Italy and Spain?
Yes Virgina there really is a Santa Claus. He exists in the form of stupid rumors.
Love those overnight gains of 80 pips.
Yank euro shorting #1322 fails...what a surprise. Better luck next time! We are happy to serve!
The EURUSD rebound sets up another downside move. The USD continues higher with a bullish outlook. The overnight ES rebound may have set the stage for further declines in equities today. Here is a look at the ES, DX, and EURUSD. http://bit.ly/vPInuR