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Spanish Bonds Give Up 50% Of Gains In A Week

Tyler Durden's picture


While we have pointed out that 10Y Spanish bonds have deteriorated notably since the Euphoric moves recently, we have oft heard the stoic bulls arguing thus: but, but, but... 2Y is where the real action is and that's where the ECB will support them. Umm, sorry, even amid a dismally quiet and illiquid week which should see yields drifting lower as they roll gently down the curve, 2Y Spanish bond yields have retraced 50% of their rally from last Friday and are comfortably back above 4% once again. Perhaps, slowly but surely, the realization that for it to get better, it has to get much worse is taking hold - though obviously US equity holders have yet to get that message.

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Fri, 08/10/2012 - 10:21 | 2693969 govttrader
govttrader's picture



Fri, 08/10/2012 - 10:23 | 2693973 vast-dom
vast-dom's picture

what is your malfunction? and why are you peddling a bubble numbnuts?

Fri, 08/10/2012 - 10:25 | 2693984 Dr. Engali
Dr. Engali's picture

Be nice to him..He has his two week birthday coming up in two days.

Fri, 08/10/2012 - 10:27 | 2693992 Cognitive Dissonance
Cognitive Dissonance's picture

That's like........52 in dog years, right? :)

Fri, 08/10/2012 - 10:37 | 2694013 malikai
malikai's picture


"They love our paper. They just can't get enough of it." A. Laffer



Where they all went..


Fri, 08/10/2012 - 10:38 | 2694030 Pladizow
Pladizow's picture

Its just a siesta!

Fri, 08/10/2012 - 10:39 | 2694034 Cognitive Dissonance
Cognitive Dissonance's picture

The fridge light must have come on.

<Honey, grab me a beer while you're in there.>

Fri, 08/10/2012 - 10:27 | 2693989 Ralph Spoilsport
Ralph Spoilsport's picture

"I'm not saying i'm god or anything...but did I just do a Babe Ruth and call my shot or what?"

Fri, 08/10/2012 - 10:32 | 2694004 govttrader
govttrader's picture

DUDE...it was like 5am...cut a guy some slack

Fri, 08/10/2012 - 12:45 | 2694430 fuu
fuu's picture

Maybe you should give the link pimpin' a rest and get some sleep instead.

Fri, 08/10/2012 - 10:21 | 2693970 Dr. Engali
Dr. Engali's picture

Drahgi say something .....anything quick!

Fri, 08/10/2012 - 10:23 | 2693974 Jlmadyson
Jlmadyson's picture


Less jawboning. More printing.


Spain and friends

Fri, 08/10/2012 - 10:26 | 2693986 Cognitive Dissonance
Cognitive Dissonance's picture

That's a damn shame. Reality bites!

Fri, 08/10/2012 - 10:35 | 2694022 Dr. Engali
Dr. Engali's picture

Hey where's Banzai? Is he on hiatus?

Fri, 08/10/2012 - 10:43 | 2694041 Cognitive Dissonance
Cognitive Dissonance's picture

I pinged him yesterday after wondering the same thing. Can't say where he is, just that he's "out of pocket".

But he had a shit eating grin on in his email so I suspect he's up to no good. Hopefully with a select member of the opposite sex. :>)

Well overdue BTW. Bill has been a 24/7/365 machine for nearly three years since busting out here on Zero Hedge. 'Bout time he took a restorative break.

Fri, 08/10/2012 - 10:44 | 2694049 Dr. Engali
Dr. Engali's picture

I hope so too. But it's not the same without him around.

Fri, 08/10/2012 - 10:53 | 2694077 Cognitive Dissonance
Cognitive Dissonance's picture

It was remarkable how quickly he shot to the surface once he got a little exposure here on ZH. He still would have exploded onto the scene under different circumstances. You just can't suppress such amazing talent.

I <heart> how his mind works as expressed through his art. He is wired like few others are and I see the world differently when viewed through his eyes.

Fri, 08/10/2012 - 11:09 | 2694143 Dr. Engali
Dr. Engali's picture

 +1 I agree

Fri, 08/10/2012 - 11:14 | 2694155 BeetleBailey
BeetleBailey's picture

Knowing WB as we do, the man is most likely planning some uber-trashing of some stupid banker-fuck/politico-douche, and will be returning soon.

I hope he is knee deep in poon, and imbibing some quality stuff. He earned it.

Fri, 08/10/2012 - 11:39 | 2694218 gatorengineer
gatorengineer's picture

FEMA reprogramming camp most likely

Fri, 08/10/2012 - 10:30 | 2693999 fuu
fuu's picture

Gold seems excited by the news.

Fri, 08/10/2012 - 10:33 | 2694011 slaughterer
slaughterer's picture

The EURO is going ape-shit vertical right now. 

Fri, 08/10/2012 - 10:39 | 2694033 fuu
fuu's picture

That's what I get for posting without looking.

Fri, 08/10/2012 - 10:45 | 2694055 Cognitive Dissonance
Cognitive Dissonance's picture

Mae West (kinda) - "Is that a Gold breakout in your pocket or are you just happy to see me?"


Fri, 08/10/2012 - 10:54 | 2694089 fuu
fuu's picture

Always happy to see you CD. Got radish?

Fri, 08/10/2012 - 11:10 | 2694146 Cognitive Dissonance
Cognitive Dissonance's picture

New batch nearing harvest. Once Mrs. Cog understood that you needed to plant a new row each week my cup runnith over.

I <heart> Mrs Cog's radishs. And Mrs Cog too. :>)

Fri, 08/10/2012 - 11:17 | 2694159 MillionDollarBoner_
MillionDollarBoner_'s picture

Yeah, but not for long...

Fri, 08/10/2012 - 10:34 | 2694018 alien-IQ
alien-IQ's picture

The EUR/USD 5 minute chart today is a comedic masterpiece.

Not a single down-tick since exactly 9:30am.

Fri, 08/10/2012 - 10:35 | 2694020 adr
adr's picture

Whee whee weeeeeeeeeeeeee

Come along for the ride everyone. The market is nothing but an amusement park to get away from your job for a day, and get your screaming kids to leave you alone for a few hours. Sure it will cost half your life savings to go and you'll be forced to overpay for everything. But, you were part of the excitement, right? As soon as you leave the kids will say they didn't have enough fun and you have to go back. The park will send you discount tickets and special offers to lure you in. The party starts again.



Sorry but JCP going up 10% on the confirmation that they are pretty much toast put me in the looney bin for the rest of the day.

Fri, 08/10/2012 - 10:42 | 2694043 Dr. Engali
Dr. Engali's picture

Shorts taking profits on the news and getting out on an a short term oversold position. The trade is too crowded. Give it a couple days and the down trend will continue.

Fri, 08/10/2012 - 10:46 | 2694057 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

But they are going to "hold the course", they are not panicking! Ha! Ha! Ha! Brilliant.

Fri, 08/10/2012 - 10:49 | 2694058 scatterbrains
scatterbrains's picture

Those stop hunting algos are the shit though.  Market is one giant air pocket and anyone that dips their toe in gets their head ripped off. lol 

My visual is that the real market is still hanging down around 666 and JPM/GS are catching every long/short that dares to wade into thier air space.

Fri, 08/10/2012 - 11:20 | 2694168 MillionDollarBoner_
MillionDollarBoner_'s picture

I like to think of algos as piranha...

Fri, 08/10/2012 - 11:32 | 2694198 disabledvet
disabledvet's picture

But Zero Hedge told me to trash this JCP dog...

Fri, 08/10/2012 - 10:35 | 2694021 youngman
youngman's picture

It does not matter..they are all on vacation

Fri, 08/10/2012 - 10:36 | 2694023 Equites
Equites's picture

Up, though

Fri, 08/10/2012 - 10:37 | 2694026 youngman
youngman's picture

The FX market is going beserk....what happened...did Man United lose a game???

Fri, 08/10/2012 - 10:38 | 2694029 magpie
magpie's picture

Who pumpeth and dumpeth first, pumpeth and dumpeth best.

Fri, 08/10/2012 - 10:38 | 2694032 The Wizard of Oz
The Wizard of Oz's picture


Fri, 08/10/2012 - 10:47 | 2694051 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Oh cut out the nonsense already, same guy who just pushed EURUSD up on vapors along with every traded instrument known to mankind should be buyin them there Spanish bonds, no problemo amigo.

Fri, 08/10/2012 - 10:44 | 2694053 Flaming Ferrari
Flaming Ferrari's picture

But, but the chart is going up so that must be bullish right? At least the SPX thinks so anyway. Once again erasing the losses from the European session. China trade collapse, Spanish bonds sell off....old news. Jackson Hole. Now that's new news. Draghi will be speaking....shorts will be trembling.

Fri, 08/10/2012 - 10:48 | 2694061 adr
adr's picture

While we are in the global recession discussion the IEA and OPEC cut the oil demand forecast for next year.

"The agency expects global economic growth of around 3.3 percent for 2012, rising to 3.6 percent in 2013 — down marginally from last month’s report (3.8 percent) as the economic backdrop has worsened.

Global oil supplies grew by 0.3 mb/d month-on-month to 90.7 mb/d in July with global oil output 2.6 million barrels a day above a year ago, despite crude oil supplies declining from Iran , Angola and Libya as political and economic disruption and sanctions weighed on numbers."

So we still ended up with more oil than last year, even with supply disruptions. The world is still producing more supply than it uses. Yet oil prices are still massively elevated. With this news oil is down .75%.

I think the trading computers have all been set to defend the current level and the market will just gyrate around.


Fri, 08/10/2012 - 11:32 | 2694199 govttrader
govttrader's picture

Lets hear it for the S&P VWAP machine...yeah!!!


Fri, 08/10/2012 - 14:01 | 2694691 pdl
pdl's picture

Record highs in a couple of weeks, anyone?  Another summit/jawboning, anyone?

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