Wall Street Knee-Jerk Response To Favorable Greek Vote Of Confidence

Tyler Durden's picture

Is Wall Street confused by this latest act of political treachery by G-Pap who had promised to collaborate with the New Democracy opposition only to back out in the last minute (just as he backed out of his promise for a referendum) and end up in a coalition government with the socialists and the far right? You betcha. Courtesy of Reuters, here is the knee jerk reaction by so called experts who see this as either bullish or bearish. The bottom line is that until G-Pap actually does something he has previously promised to do, he will continue to lie and cheat in order to simply remain in power and soak up Europe's funding (which is of course used merely to repay Europe).

Via Reuters:


"We could see a small relief rally from this but I would not expect it to be too large. There's still questions about whether people will live with these austerity measures. More broadly, the issue of whether or not the euro zone will be a political or economic union is still being put off. If the latter, membership is a privilege, not a right."

PETER BEUTEL, president, Cameron Hanover, energy trading consultants, New Canaan, Connecticut

"With the confidence vote given to the Papandreou government, we end the week on new possibilities rather than a can of worms when the oil market comes back on Monday. We start next week on a position of strength, whether Greece has a unity government or a new person in charge. Markets will build on this sliver of strength although they are still a long way from getting out of the woods. But the confidence vote ends the week on a positive note."


"I think it will definitely add inertia to the attempts to get Greece back on track in terms of implementing the kind of austerity that will be essential for this thing to work. It will help (markets) on Monday but like everything else involving the euro zone it is a series of incremental steps."


"Even though he has won the vote, he engaged in a game of brinkmanship. He proposed a referendum and then had to retract it and is barely managing to produce majorities in parliament. All that means to me is that his days in power are numbered. There is a lack of legitimacy at this point even though he won the vote. At least, though, the worst has been avoided, where no new government was formed and Greece gets pushed into default. So at least we're back to where we were before. So at the margin, it's positive. But I don't think the market will rally too much on this. Don't expect a huge relief rally."


"It takes the risk off the table. It takes away the risk of a referendum (on the euro zone bailout) or renegotiating new terms. Net-net it's a 'risk-on' event. How much you can rally on this? It may be temporary at best. You have still have a lot of risks like Italy. We just don't know. We have (Treasuries) supply next week so that's a factor. We could see Treasuries trade off a little. All in all, it's a slight positive for stocks and a slight negative for bonds."

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moskov's picture


paarsons's picture

I predict the DOW will go to thrity thousand as my family and I eat dog food.

But what's a boy to do?

At least I will be able to afford dog food.  You cunts will be in the cat food line.

I'm rich.


Bumblebee Tuna's picture

Not if the US starts producing Dog Food Stamps

Raskolnikoff's picture

When I was a kid we used to love to eat the doggy donuts, they were red, green and brown. Course we had very low standards then....yeah, right...too much info here, eh?

knukles's picture

Didju know that it is entriely possible (thinking of multi-coloured dog biscuts and Unicorn poops Lloyd kicks off his 30th floor balcony to the starving crippled homeless urchin children below) to make rainbow poops?
Eat a bunch and then drink a food coloring.
Wait a while.
Eat more, drink a different color.
Wait a while.
Eat again.  Drink another different food coloring.
One of my doctor golf buds says it should work.


IQ 145's picture

I like the way your mind functions  (?). My comment on the post is; Greece has been pathetic for the entire twentieth century; the only difference is that now it's in the news.

wisefool's picture

We can send them turbo tax to correct the oversight and nobody needs to go to jail.

Yes_Questions's picture



Friday night screen scotching..

Mark123's picture

What is the unemployment rate among dogs?

AldousHuxley's picture



you provide free housing, free food, free vet healthcare and scoop up their shit.

also free to mate with any available female bitches .


Dogs have better lives than majority of Americans.


Because dogs don't do money so no debt and no TV to be brainwashed into believing that working is natural.

disabledvet's picture

you'll be paid in "Groupons." And I'm being totally serious here. "Groupons" will consist of a discounts on either your government issued Visa or Mastercard and will provide discounts on basic "stuffs" thus "matching" both supply and demand. You'll feel like you're getting a deal because "you're always getting a discount" on the things you buy. Scary...actually.

johngaltfla's picture

I predict the S&P 500 will finish in the same range it has been in since 1997 to now.

AccreditedEYE's picture

Technical analysis aside, we've been repeating the same mistake we made around that time anyway, so it makes sense.

ParaZite's picture

I'll just eat your fucking dog paasons... 

Mr Lennon Hendrix's picture


Giuliani junked you

GenX Investor's picture

This is a risk on headline.  Well aren't they all risk on headlines?  Aren't we really fooling ourselves to believe there is any more truth in the market, it is so thinly traded by the same 6 dogs playing poker, that there will never be a "real" downturn until the next catastropic event.  Any down days are just doing the Fib 50% retace before making new surges higher.  It is the job of  "talking faces" on CNBC, Bloomberg or Marketwatch to explain the market movement by filling in the blanks and make the sheeple believe the market is really a RANDOM WALK driven my economic data and earnings multiples...  Yea right, just wait until the "event" hits and the market its heading down to its next -23.6 target. The idiots on TV will not be able to explain it.  That will be fun to watch just to see how everything they have been saying over the past year is actually meaningless and wrong.  What is the point of business TV???

wisefool's picture

If a guy came up with "tax code TV" they could make mint. The preacher man can only threaten you with empherial damnation. The Banker can only threaten you with taking away stuff you did not need in the first place.

But the tax collectors carry guns. And the support of 51% of the population. Sorry Merkozi.

knukles's picture

Talk about talking about talking one's book. 

jdelano's picture

You know, if mild mannered g-pap could manage to nearly bring the whole thing down, what's gonna happen when its effing burlesque-oni's turn? I'll take odds he ends up being the wrench in merkel's gears. (and by gears I mean ass.)

HITMAN56's picture

FCUK "the city" (London) too  Let it All Burn

Cdad's picture

The last two days, all day long on the BlowHorn [CNBC], the bullish outcome was getting rid of Paps.  Now that he is not gone, the determination is that the news is...bullish.

Until the entire investment banking system is scrubbled in this nation, there will be no recovery.  None.  Fucking psychopaths.

The Greater American depression rolls on EXACTLY because these assholes refuse to give up their banking perches.  


rosex229's picture

the only reason papandreou won the vote is because he promised beforehand to step down... so it is bullish, and as much as i loathe cnbc whoever your quoting was correct.

it is a paradoxical universe we now live in where winning a vote of confidence means you step down, but thats europe for you.

Cdad's picture

Really.  Well put me down for "that's a load of shit" as well as "you are a dumb ass if you believe what you just wrote."

All that is happening here with the market is...Wall Street is choking on equity positions put to them relentlessly by Average Joe...and EVERYTHING that happens HAS to have a bullish interpretation to justify equity mark ups.  It really is this simple.

The same condemnation for Wall Street and you applies to the BlowHorn [CNBC] which quite literally has been putting out false information and delaying stories until after the closing bell to support this putrid class of criminal bankers we, in this nation, are all suffering.

But go ahead and take your spoon fed pablum.  

Cdad's picture

Furthermore, the same corrupt assholes that produce the BlowHorn [CNBC] line up will say that this is all good news for the Euro dollar, even though they also say that Greece leaving the Eurozone is...good for the Euro dollar.  Which is it?

And as one after another criminal syndicate Wall Street banker whores himself on the BlowHorn, each will say that EVERYTHING is bullish, and the economy in the US is IMPROVING, and uncertainty is WANING.  Shit, just today, I heard an NYSE stock criminal say that iron ore prices are improving [because he is long AK Steel] even though extensive research is out on just the opposite...stock piles are high and spot pricing is dropping.

These banks have pushed the US so far down the fucking bunny hole that it is impossible to imagine a situation in which we escape our perpetual economic descent.  But hey...just make it up...just say things...run equities up the flag pole NO MATTER WHAT GREECE does...that'll fix us, right?

mynhair's picture

#occupy is a load of bullcrap.  Worthless scum of the Earth.  Get real.  They made this shit possible by being mal- and mis-informed.  Even with their expensive gadgets, it does not make up for being ignorant. 

WonderDawg's picture

Thanks for helping the MSM demonize any type populist movement. The Tea Party was marginalized by the Repubs with the assistance of the MSM, and now Occupy is marginalized by the Dems with the assistance of the MSM. Your assistance in the perpetuation of the status quo by participating in the left-right paradigm is appreciated and duly noted.

mynhair's picture

LSM has marginalized the occupy morons?  Quit bogarting that joint!

10 to 1 coverage of those dips in the LSM!

MsCreant's picture

Hey kitty. I asked this the other day. I agree they may be ineffectual or even be mildly harmful (coopted, don't understand issues, making it look like something is being done when it is not). But why do you hate them so much?

rgilliam37's picture

It's obvious that the country is fucked! The OWS crowd is right in saying that the government socialized Wall Street loses. Not one CEO responsible examples JPM, GS Countrywide has been prosecuted. Until Washington lets the free market be free the economy will be in a perpetual state of decline.

My son is 22 and I want him to have the same opportunities I had. Under the present completely bastardized economy he and millions of others won't.

djudy003's picture

ZeroHedge ran a good guest post which I think every 20 something year old has to read. It is better to understand how grim the reality might be and at least be prepared for it then to wait and hope. (As many were propbably doing in the early years of the depression) we have to face the reality that ups and downs exist and not all times are rosey.


Hedge Fund of One's picture

OWS was certainly not original with the idea of government socializing Wall Street losses. There were myriad complaints about that in 2008 as the bailouts were happening, and the Tea Party expressed their concerns about that in numerous town halls and votes in the booth; I expect those votes to continue in the next few election cycles as we have another round of senators and a president up for re-election.

I do agree that we need truly free markets.

rosex229's picture

Trust me Cdad I'm just as frustrated as you, but after several years of being angry at the system the only thing that was changing was the amount of stress hormones in my body. I no longer wrap my emotions and mental health into these matters I instead use evidence based research ( thank you zerohedge) to uncover where this is heading and how I can best prepare myself and my family for where it is heading. needless to say I'm very happy I bought physical gold and silver 3 years ago. Although, I don't see those investments as get rich quick schemes more as wealth preservation.

Cdad's picture

No...it is quite clear that you are not frustrated at all.  And I don't give a shit about your physical metal.  And no, I don't have a psychological issue because I am angered by crony capitalism and a network that is working against the people of the US.

Listen...you are clearly a lightweight.  Why don't you just pack it in and move along where my comments are concerned.

WonderDawg's picture

Jeebus. Smoke a joint or something. The hostility is palpable.

Cdad's picture

Funny...I don't remember the joint smoking scene in Fight Club.  Hitch up your skirt, Alice.

WonderDawg's picture

Fuck off, Cdad. You're just pissed cause you went all in on PMs at the top. Suck it up, bitch.

Cdad's picture

I bought the most recent bottom in AGQ [99], sold near its most recent top, and then turned ZSL for a few.

I have no position in PMs right now...none.  Waiting for the Euro to roll over to do it again.  

And fuck you too, Dawg.

WonderDawg's picture

Not what you said a couple of weeks ago, but whatever. No rancor, here, but I am kind of amused by the discussion. Sorry I'm not actually angry and don't feel like scrapping tonight. I'm grateful it's Friday and I can decompress for a couple of days. Cheers.

Cdad's picture

I hear you, Dawg.  Just punching back.  No bother.

As for what you heard last week...I have no idea what you are talking about.  I called my entry on silver [more than a couple weeks ago], but not my exit or short.  Too many folk get pissy when you talk about shorting silver here.

Decompress away...just don't be trying to do that near me ;)

WonderDawg's picture

Gotcha. You've got bigger ones than me if you're shorting silver. I'm expecting it to fall to the low 20's pretty soon, but I'm not brave enough to bet on it. I am placing bets on a big downturn in equities. It's music to my ears when I hear more and more people saying everything is bullish. It means we're at the top or very close to it. Lined up my bets with March puts on some of the momo's and XRT. I'm not betting enough to kill me if I'm wrong, but they'll be homeruns if I'm right. Time will tell. It keeps things interesting, that's for sure.

Cdad's picture

I think it would be a mischaracterization to describe me as a silver short.  I put on a short term tactical trade that lasted two days and netted 13%.  It was small, too.

As for the equity market, we are positioned the same.  The best shorts are in consumer discretionary.  I was short ANF for the plunge.  There are many more to come in that group, but I would not use the XRT necessarily to get that exposure...as there are more shares of XRT sold short than exist...so...

That said...there has been huge put buying in the XRT...and I'm talking HUGE!

eatthebanksters's picture

I'm nots ure about the timing, but Biedermann from TrimTab had a great interview today...it's only my opinion, but I think he was right on when he quietly acquiesced to one of the suggestions of the interveiwer about where equities will ultimately end up...it's on Implode-Explode and worth the 10 minutes.


Hedge Fund of One's picture

ETB, You piqued my interest, but I couldn't find that Biderman interview on Implode-Explode. Do you have a link?

rosex229's picture

I must say I strongly agree with Cdad on the short term bear sentiment on precious metals once banks start failing and there's a liquidity crunch gold and a specially silver will fall. however that will simply be the last good buying opportunity before hyperinflation. of course each step of this process will take months if not years to unfold.

in fact the european debt crisis is a shining example of how on a day to day basis even world changing events take years to unfold. although once market start really crashing it will feel as though it's moving rather quickly to the average person on the street who hasn't been paying attention.

trav7777's picture

liquidity crunch will be stepped on by the CBs just as it has been, relentlessly, since Sep 08

mynhair's picture

Please cite an #occupy shill that can even spell 'crony'.

Quit projecting!

rosex229's picture

Haha okay you caught me. I'm no longer frustrated because I realize that no matter what you or I do it won't make a difference. So I figured why stress out about it? I know I know it sounds defeatist, but fulfillment and contentedness are much easier to obtain when you shift your paradigm ever so slightly. if that makes me a lightweight then hell yeah I'm a lightweight.