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What Do Swiss Bonds Know That Nobody Else Does?

Tyler Durden's picture


On the surface all is well, stocks are soaring, the EURUSD is up solidly, and euphoria is back, or that is at least what is being telegraphed. So why is the single biggest unmanipulated flight to safety flag (defined by us) currently available - the Swiss 2 Year - screaming to run for cover? The bond is currently at an all time nominal low, as none of the peripheral euphoria has had any impact on Europe's true remaining risk free asset, and instead it just hit a new all time record low yield moments ago. Just what does it know that nobody else does, or wishes to acknowledge? Or is today merely the latest iteration of the Copperfield market: keep the algos distracted with flashing red headlines and bright green S&P numbers, which the real money is quietly running away into the safety of Geneva bank vaults...


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Fri, 08/03/2012 - 11:03 | 2675850 LawsofPhysics
LawsofPhysics's picture

Some pegs are harder to maintain than others...

Fri, 08/03/2012 - 11:26 | 2675925 Tijuana Donkey Show
Tijuana Donkey Show's picture

All pegs are equal, but some pegs are more equal than others.

Fri, 08/03/2012 - 11:36 | 2675949 This just in
This just in's picture

Sounds like peg envy to me.

Fri, 08/03/2012 - 11:47 | 2675979 I am more equal...
I am more equal than others's picture

Negative 454!?! Wow.  Do you smell the shit before it hits the fan or after?

Fri, 08/03/2012 - 13:03 | 2676201 SheepRevolution
SheepRevolution's picture

Oh p-lease! Positive interests rates on government bonds is just soooo 2011. It's called modern financial economics.

Fri, 08/03/2012 - 11:50 | 2675993 withnmeans
withnmeans's picture

Just like in war, POP SMOKE!   Good cover, only a select few have the infraReD to see thru this crap.


S&P may touch 1400, however when the smoke clears it all becomes evident. Truth will come out, it may just take awhile.

The markets forget the real trouble, or maybe it doesn't want to see it. The sheeple need to eat and drive, that makes very little money left over for the "wants".

ZHer's you know what is coming, hunker down and stay thirsty my friends...


Fri, 08/03/2012 - 12:19 | 2676092 El Oregonian
El Oregonian's picture

I believe that is a very extinct animal.


Fri, 08/03/2012 - 11:04 | 2675853 malikai
malikai's picture

A word of advice to our supreme soviet.

You can paint a pretty picture, but you cannot overcome the market with it.

Fri, 08/03/2012 - 11:05 | 2675856 Jlmadyson
Jlmadyson's picture

Because ain't jack shit fixed.

Nor will it be as debt continues to blowout.

Fri, 08/03/2012 - 11:05 | 2675857 TahoeBilly2012
TahoeBilly2012's picture

The Horrible, the Miserable and the Swiss. That was an album name we were working on for our punk band in the 80's.

Fri, 08/03/2012 - 11:06 | 2675859 RobotTrader
RobotTrader's picture

Lower interest rates = bigger "Animal Spirits" later

Fri, 08/03/2012 - 11:11 | 2675876 Vincent Vega
Vincent Vega's picture

Fuck off, troll.

Fri, 08/03/2012 - 11:13 | 2675890 disabledvet
disabledvet's picture

Later? More like "right now." to which I matter how impossible it is...and it is..."just because it's a rigged market doesn't mean rigging it won't work."

Fri, 08/03/2012 - 11:49 | 2675983 derek_vineyard
derek_vineyard's picture

robo is the scitzophrenic alter ego of a totally frustrated perma bear who never had enough money to play the markets anyway

robo seeks all the trendy catch phrases and his/her adgenda has nothing to do with return on investment, but irritation to those gullible enough to be irritated

Fri, 08/03/2012 - 11:52 | 2675997 Vincent Vega
Vincent Vega's picture

...and based on his frequent use of phrases such as: "pie holeing", jaw boning", and "gum flapping" he seems to exhibit latent cocksucker tendencies.

Fri, 08/03/2012 - 12:00 | 2676021 fonzannoon
fonzannoon's picture

u forgot boner jam

Fri, 08/03/2012 - 12:03 | 2676032 mendigo
mendigo's picture

“We’re at an epochal turning point,” Brok said. “We’ve had 60 years of peace, freedom and welfare and now comes an attack that could destroy this concept, which we have to deflect.”

Truely epic.

Fri, 08/03/2012 - 11:30 | 2675930 Beam Me Up Scotty
Beam Me Up Scotty's picture

Massive short covering in FaceFuck.  Californication is SAVED!!

Fri, 08/03/2012 - 11:50 | 2675995 Agent P
Agent P's picture

Your votes are more negative than Swiss interest rates.

Fri, 08/03/2012 - 11:07 | 2675863 Ancona
Ancona's picture

You've got to love this potemkin market!

Fri, 08/03/2012 - 12:02 | 2676024 LeisureSmith
LeisureSmith's picture

Margin Stanley is loving it at the moment. Dirty dirty love.

Fri, 08/03/2012 - 11:07 | 2675864 Haager
Haager's picture

You guessed it all - the real money tries to hide in these swiss mountains.

Fri, 08/03/2012 - 11:07 | 2675866 Voltaire
Voltaire's picture

You wish Tyler.. from Bloomberg: "Merkel's coalition members signal acceptance of ECB bond-bying"

Just buy the rally!

Fri, 08/03/2012 - 11:14 | 2675894 adr
adr's picture

That story is actually bullshit and months old, recycled to cover the algo driven BS moves of today.

Fri, 08/03/2012 - 12:08 | 2676052 Voltaire
Voltaire's picture

Now you are bullshitting. 

Fri, 08/03/2012 - 14:49 | 2676475 MillionDollarBoner_
MillionDollarBoner_'s picture

Nah...he's just being Candide ;o)

Fri, 08/03/2012 - 11:24 | 2675920 SheepDog-One
SheepDog-One's picture

AH more 'signals' lol bullshit.

Fri, 08/03/2012 - 11:07 | 2675867 FRBNYrCROOKS
FRBNYrCROOKS's picture

Yield is dropping like a box of rocks. I am just waiting for the Chinese to start dumping US T-Bonds and end their participation in the Bond market to concentrate on hard asset (gold) purchases. We all know what is comoing. Ni Hao!!!

Fri, 08/03/2012 - 12:05 | 2676039 nope-1004
nope-1004's picture

They already have.  The 10yr is kept low through manipulation, via JPig and their IRS derivatives: TNX.  It's fooling you into believing the Chinese are still interested in US paper.  The entire market is a ponzi.  US Gov't just trying to cover up as much as possible.


Fri, 08/03/2012 - 14:51 | 2676483 MillionDollarBoner_
MillionDollarBoner_'s picture

Uhuh. Just who are those "Indirect Buyers" and who is funding them.

You get three guesses.

Oh, you only need one guess?

Fri, 08/03/2012 - 11:07 | 2675868 bonddude
bonddude's picture

euros are flooding into helvatia keeping those Italian finance police frisking like crazy.

Fri, 08/03/2012 - 11:07 | 2675869 scatterbrains
scatterbrains's picture

Its saying this whole move is bullshit conjured by the corrupt fed to trap all the bears from yesterday's disappointment from Drahgi.  Start by buying to cover 62,000 /es  (that got strategically put on within seconds of the close the previous day) in the wee hours of the thin markets on globex and create a 12 point lead into bullshit statistics at 8:30am to scramble the momotards into action and squeeze all those fresh new Bears that jumped in yesterday and you have the makings of a false break out that once rolls will be one fun ride down.

Fri, 08/03/2012 - 11:28 | 2675929 ReactionToClose...
ReactionToClosedMinds's picture

A modest recommendation to ZH .......... drill into this person's observation please.

My 'faith' in the 'system' was irrevocably altered when the old WSJ did an excelllent long piece following the October 1987 monster crash that revealed that 'someone' at the typically slowest part of the trading day, I think it was 11:20am then, on Tuesday when the markets were literally sitting on a cliff wall waiting to slide much further down, ....... 'someone' bought a major slug of MMI (then the dominant trading index .. it was the Major Market Index) forcing every short to cover immediately propelling the market out of its looming nadir.

The old WSJ politely 'begged the question' ......... 'who' did this, who had the 'confidence' to do this, what did they 'really know', etc.

Later 'speculation' was that this was the first of subsequently many market forays by the Plunge Protection Team.

The problem is, ultimately this becomes nothing more than crony capitalism as Treasury, Fed Reserve and major Wall Street become joined at the hip, losses are socialized while gains are private, as the taxpayer takes on essentially market risk management ... hubris develops, moral hazard increases dramtically, etc.

If and when PRChina decides to publicly pull the plug on US Treasuries (purchaes/holdings) where they will not be blown up as well in the process ... then this 'game' is over ...and Team USA will have almost no options ...


Fri, 08/03/2012 - 11:39 | 2675959 scatterbrains
scatterbrains's picture

on a side note which market breaks out first, gasoline or /es ?

It's a tight race so far.

Fri, 08/03/2012 - 11:55 | 2676010 ebworthen
ebworthen's picture

Smith and Wesson and Ruger.

Fri, 08/03/2012 - 14:55 | 2676493 MillionDollarBoner_
MillionDollarBoner_'s picture

I would see the "Balance Sheet" of the PPT :O)

Mon, 08/06/2012 - 12:29 | 2681932 MeelionDollerBogus
MeelionDollerBogus's picture

why? The PPT needs only use printed, stolen money to do all their transactions. Unless you plan to use it to jail them for treason, grand larceny, counterfeiting and money-laundering in which case I say by all means let's see the the balance sheets and get the cuffs out.

It's one thing for the market to move counter-intuitively. It's another problem entirely when the move requires input capital the market itself does not have - that requires counterfeiting and/or laundering weapons+drugs to cash on a national military scale and/or printing it from the Fed endlessly (counterfeiting)

Fri, 08/03/2012 - 14:53 | 2676487 MillionDollarBoner_
MillionDollarBoner_'s picture

Don't be such a cynic! ;o)

Fri, 08/03/2012 - 11:09 | 2675874 TheSilverJournal
TheSilverJournal's picture

All of that newly created money has to flow somewhere.

Fri, 08/03/2012 - 11:12 | 2675875 bonddude
bonddude's picture

The border @ Cernobbio is performing metal detector anal checks. Queue up please. Grazie.

Fri, 08/03/2012 - 11:11 | 2675878 evolutionx
evolutionx's picture

one chart says it all:


Bundesbank Target  800 B in August?

Fri, 08/03/2012 - 11:11 | 2675882 noobscalade
noobscalade's picture

Does this indicate that lots of people are putting money into swiss bonds since the end of May? 

Fri, 08/03/2012 - 11:12 | 2675883 Jlmadyson
Jlmadyson's picture

Remember the old comments in 08 if markets knew what credit markets know then this market would be about 20% lower.

About 75% now 4 years later.

Applies well here.

Fri, 08/03/2012 - 11:13 | 2675886 bigwavedave
bigwavedave's picture

Like Draghi (and now BK) it knows that war with Iran is coming soon. Where would you rather have 2 year money?

Fri, 08/03/2012 - 11:24 | 2675916 Beam Me Up Scotty
Beam Me Up Scotty's picture

In my coffee can at home buried in the back yard.

Fri, 08/03/2012 - 11:13 | 2675887 adr
adr's picture

I think the bust is totally unavoidable now. The powers that be have made their preparations to last as long as possible. Now they are just going to let everything fly to see how big of a fireworks show they can make.

Everyone stops to enjoy fireworks. Even if hundreds of them are starting to fly off into the crowd. For the people that don't get hit, it is even more enjoyable to watch.

2013 is going to be a killer year.

I mean that literally. War, famine, and all the worst things you can imagine.

When, by the headlines, beef gets too expensive to eat, how is McDonalds going to survive? Kind of hard to support a $90 stock price if a Big Mac costs $20.

Fri, 08/03/2012 - 11:31 | 2675940 sdmjake
sdmjake's picture

Beef in a BigMac? Do tell...

Fri, 08/03/2012 - 12:06 | 2676044 Beam Me Up Scotty
Beam Me Up Scotty's picture

Want to touch the heiney....!!!

Fri, 08/03/2012 - 21:53 | 2677396 StychoKiller
StychoKiller's picture

"So round, so firm, so fully packed!"

Fri, 08/03/2012 - 23:29 | 2677497 akak
akak's picture

"It was hanging on the rack.

Someone stole the kiszka when I turned my back."

Fri, 08/03/2012 - 11:13 | 2675889 Biggvs
Biggvs's picture

What time is today's reversion to VWAP?

Fri, 08/03/2012 - 11:26 | 2675922 Beam Me Up Scotty
Beam Me Up Scotty's picture

Probably in the last hour, we will be off the highs of the day.  If not, then Monday.

Fri, 08/03/2012 - 11:18 | 2675902 geewhiz190
geewhiz190's picture

what do swiss bonds know?  not too much today it would seem.

Fri, 08/03/2012 - 11:26 | 2675924 SheepDog-One
SheepDog-One's picture

Right, because as long as a couple weighted and manipulated stock indexes are up, then thats all that really matters.

Fri, 08/03/2012 - 11:39 | 2675958 geewhiz190
geewhiz190's picture

broad rally, more than "a couple of weighted indexes"  i really don't care why

Fri, 08/03/2012 - 11:34 | 2675905 Joshua_D
Joshua_D's picture

One of these things is not like the others.

Fri, 08/03/2012 - 11:23 | 2675915 Winston Churchill
Winston Churchill's picture

The music has stopped.

The 'market' does not notice because of the scream of tearing

metal coming from the collision with the iceberg.

Have no fear,the clever money is already filling all the lifeboats.

Fri, 08/03/2012 - 11:24 | 2675917 tuttisaluti
tuttisaluti's picture

War is in the Air, so let's go in to the swissie

Fri, 08/03/2012 - 11:29 | 2675932 LoneStarHog
LoneStarHog's picture

That Canary In The Coal Mine died so long ago that it is now just part of the coal dust in a miner's lungs.

Memento, Canary, quia pulvis es, et in pulverem reverteris.

Fri, 08/03/2012 - 11:30 | 2675934 larz
larz's picture

Money doesnt lie.  Truly ominous.  Im just pissed because I cant figure out how to use my bullets just yet and I know there is opportunity

Fri, 08/03/2012 - 12:21 | 2676100 Legolas
Legolas's picture

LMAO !   I know what you mean.

Fri, 08/03/2012 - 13:34 | 2676294 HedgeHammer
HedgeHammer's picture

Real estate, Commodities, Pm's, Jr's, and yes Oil/Natural gas. Someone is going to come out much better then they went in if they look hard into these areas but the time to pull the trigger is definitely dwindling.

Mon, 08/06/2012 - 12:20 | 2681906 MeelionDollerBogus
MeelionDollerBogus's picture

stacking gold & silver maples, ensuring you have the ability to travel to another country with ease & expect to be safe there for a while, otherwise if you want to play games with margin, paper, options, keep your eyes open on SPY puts or flat out shorting SPY.

Historical trend is that the big drop is coming and  having a few puts wouldn't hurt. Historical trend is also that carrying SPY shares will go up in price enough to justify owning them but ONLY if you buy on the lower curve presented in the above graph.

It's up to you if you want to write puts on the shares of SPY you hold if you decide to hold any but it more reliably pulls cash in rather than always trying to buy calls predicting the rise up.

Keep your eyes open for FAZ, FAS, VXX and GLD but don't dare use FAZ, FAS or VXX without a scatter-plot to SPY and keeping an eye on the over-all dip-to-peak trend identified in the above chart.

GLD : keep tracking daily prices to this

This entire year looks like an opportune time to stack gold eages, maples and bars so just do it.

Fri, 08/03/2012 - 11:31 | 2675936 sabra1
sabra1's picture

repeat after me, in a loud voice! "Little Ole Lady Who!."

Fri, 08/03/2012 - 11:34 | 2675943 Central Wanker
Central Wanker's picture

At the same time, it seems that gold is being kept unconscious by its doctors.

Fri, 08/03/2012 - 11:36 | 2675948 slewie the pi-rat
slewie the pi-rat's picture

duck and cover!

like maHildie:

slewienomics indicates that the SNB pump-and dump w/ their bonds and the EUR/CHF peg is the mirror image/flip side of what the FED is doing w/ Ts  only the fungible paper is QESNB2infinity

quality -L0L!!!- equities seem to love any fungible digit from anywhere

equine equities:  that new horse fungicideTM can run!  all day long!  chicken fuking dinner!

plus!  jimWillie's needle has gone to:  impending serious freaking doom so we have posturepedic ponzi poise predicated as decoupling goes to:>  total bi-furcation from theReal

free!  free at last!

Fri, 08/03/2012 - 12:01 | 2676020 ebworthen
ebworthen's picture

Ahoy Slewie

You said:

"...posturepedic ponzi poise predicated as decoupling goes to:>  total bi-furcation from theReal"

+100, a Wench, and a keg of grog.

Alternate universe Princess and the Pea where the Princess (markets) can't feel a rock under a blanket.

Fri, 08/03/2012 - 11:37 | 2675953 Remington IV
Remington IV's picture

More expensive to launder dictator loot , nazi gold and colombian drug money

Fri, 08/03/2012 - 11:37 | 2675954 Randall Cabot
Randall Cabot's picture

"On the surface all is well, stocks are soaring, the EURUSD is up solidly, and euphoria is back..."

There is uaually some explanation for this but I didn't see or hear of any meetings, canceled meetings, promises, broken promises blah, blah blah so why the hell were EUR/USD, US futures and Europe markets, especially Spain and Italy, soaring before the NFP??? 

Fri, 08/03/2012 - 11:43 | 2675972 Randall Cabot
Randall Cabot's picture

I just saw this, is this why Europe was soaring befoe US open?

"Thinking that Spain might soon make a formal rescue request also bolstered sentiment, with Spanish borrowing costs falling to levels viewed as more sustainable on Friday.

On Friday, Spanish Prime Minister Mariano Rajoy repeated that his nation is finding it harder to refinance its debt, but said he has not yet made a decision on whether to call for Europe’s help, Reuters reported.

"The pressure can only mount going forward as the ECB works on designing what [European Central Bank President Mario] Draghi called ‘appropriate modalities’ for a policy response," Marc Chandler, global head of currency strategy at Brown Brothers Harriman, wrote in a note, citing media accounts that Italy’s prime minister was encouraging Rajoy to make a formal request."


Fri, 08/03/2012 - 11:37 | 2675955 I am a Man I am...
I am a Man I am Forty's picture

What's Reggie "I'm always wrong about Apple" Middleton doing these days?

Fri, 08/03/2012 - 11:48 | 2675984 Remington IV
Remington IV's picture

raising money for Obama

Fri, 08/03/2012 - 11:39 | 2675963 Peter K
Peter K's picture

It's telling you that this whole levitational move is designed to get Euroland through the vacation season. After all, it's August already. :)

Fri, 08/03/2012 - 11:42 | 2675968 Hype Alert
Hype Alert's picture

Maybe they know the muppets aren't coming back to the stock racket.  Maybe they know that betting your savings in a racket going against supercomputers is the same as betting the avg joe can beat one at chess on the highest expert level.  Let alone when the avg joe is presented with false flags, misleading headlines and tons of false information. 


1400 or bust.

Fri, 08/03/2012 - 11:42 | 2675970 FranSix
FranSix's picture

Oh, that article was written so bright and shiny!

Fri, 08/03/2012 - 11:44 | 2675973 Xue
Xue's picture

Negative real interest (inflation adjusted) were already known for a while, now we have negative nominal interest. Why borrow money and pay interest yourself when you can actually borrow money and make your lender pay interest himself ?! These days, investors are so afraid they'd rather loose a bit of money (through interest) in order to keep the most of their principle. But it sounds stupid, why not keeping cash instead? There can be only one explanation for this negative real interest non-sense : Swiss bond investors are hoping everybody will rush to the Swiss bonds (maybe during an euro break out) making its interest even more negative but its principal much much bigger, because with negative real interest, you still can make money by selling the principle at a higher price. But this wicked game can't go on forever. When everybody will have bought Swiss bond, there is no way to make money by selling a bigger principle to somebody stupider. Basically, it's what we call a ''ponzi scheme'' (we use the money of the new investors to pay the older investors). It always ended bad.

Mon, 08/06/2012 - 12:12 | 2681889 MeelionDollerBogus
MeelionDollerBogus's picture

no, there's another explanation. LONDON rehypothecation.

When suddenly every bond can be treated like 10 before you even BEGIN to shove them into margin-trading accounts as collateral then suddenly high prices and low (negative) yields make sense. You're simply not understanding what the bonds are being used for.

When every bond is worth 10 or more as units of margin-collateral and London allows virtually unlimited rehypothecation this explains everything.

Fri, 08/03/2012 - 11:45 | 2675977 Divine Wind
Divine Wind's picture



Smart money left the market a while back.

Trust fiduciaries at your own risk.

If you are trying to eek out that last little bit of profit before the market folds up like a cheap ass Bedouin tent,  you are a packing a pair, hooked on gambling or a complete fool.

If you are a regular ZH reader and are still playing in this minefield, you should not be surprised at what becomes of your portfolio.

Fri, 08/03/2012 - 12:16 | 2676082 Tinky
Tinky's picture

"...folds up like a cheap ass Bedouin tent..."

Actually, I suspect that Bedouin tents are quite robust. Sandstorms and all...

Fri, 08/03/2012 - 11:46 | 2675978 SDRII
SDRII's picture

War comng in the middle east..


Russia moving fleet into Tartus


Window dressing.

Fri, 08/03/2012 - 11:54 | 2676007 Dareconomics
Dareconomics's picture

Whenever I see a Friday risk rally, I think that people are frontrunning the inevitable Sunday announcement from the ECB telling us about the new program that will save everything.

Fri, 08/03/2012 - 11:56 | 2676011 milanitaly
milanitaly's picture

No explanation for today italian market found. I guess that there has been some indication by bank of italy to save Draghi reputation.

Fri, 08/03/2012 - 11:56 | 2676012 geewhiz190
geewhiz190's picture

The REAL sin about a day like today is all the huge stock option grants that are being exercied and all the hundreds of millions if not billions of dollars the execs are sucking out of their companies today while the average schmo  is adding to his mutual fund of buying something on emotion.  the market is like a giant funnel in which all the little schmucks pump their hard earned bucks into some "managed money" account or mutual fund and all those dollars just come out the other side into the hands of corporate execs who walk away with millions. just check today's sec announced filings, just like most other days, the wealth of the general public is going out the back door.  

Fri, 08/03/2012 - 11:57 | 2676014 Blopper
Blopper's picture

It means the yield curve is steepening - a bullish sign of the economy.

Fri, 08/03/2012 - 11:59 | 2676019 Jlmadyson
Jlmadyson's picture

Woooooooooooo Oil up nearly 5 bucks here we goooo!

Very, very awesome for this economy.

Rolling over on the floor!

They got it all figured out all right.

The drums are beating.

Fri, 08/03/2012 - 12:00 | 2676022 dugorama
dugorama's picture

Actually, the swiss have some peg issues (as noted above by many).  How about Danish Treasuries?  They'd tell us how broad the pattern.  Sadly, I can't find a quote.  Can anyone?


Fri, 08/03/2012 - 12:04 | 2676036 FieldingMellish
FieldingMellish's picture


Yields rising today but still negative.

Fri, 08/03/2012 - 12:03 | 2676029 FieldingMellish
FieldingMellish's picture

- 0.5%, yeah... that's a really safe place for your money. Gold might not yield anything but at least 0% is not a negative number.

Fri, 08/03/2012 - 13:57 | 2676344 Swarmee
Swarmee's picture

But you can EAT Swiss bonds!

Wait a minute...

Fri, 08/03/2012 - 16:18 | 2676752 FieldingMellish
FieldingMellish's picture

Aren't they the bonds with the holes in them? Actually... yes they are... -0.5% money holes.

Fri, 08/03/2012 - 12:03 | 2676031 ebworthen
ebworthen's picture

"It's always brightest before the dusk."

Fri, 08/03/2012 - 12:03 | 2676034 Itch
Itch's picture

How'd you like them for onions?

Fri, 08/03/2012 - 12:15 | 2676076 BalanceOrBust
BalanceOrBust's picture

All it is saying is that over the next two years, the Swiss Franc will appreciate tremendously against the euro and the dollar.  Why has this only become apparent in the last couple of months.  I think we knew about the euro -- but the dollar?  Now that is a premonition!



Mon, 08/06/2012 - 02:01 | 2680962 MeelionDollerBogus
MeelionDollerBogus's picture

w t f -

forget something?

There's a CHF / EUR peg in place.

Fri, 08/03/2012 - 12:26 | 2676115 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

Thomas Stolper actually caught a falling knife! For 200pips so far anyway. His muppets must be pleased.

Fri, 08/03/2012 - 13:08 | 2676225 dracos_ghost
dracos_ghost's picture

A clock is right twice a day.

Fri, 08/03/2012 - 13:12 | 2676235 akak
akak's picture

And even a blind squirrel occasionally finds a bird in the bush.

Fri, 08/03/2012 - 13:31 | 2676283 malikai
malikai's picture

Stoper's target was 1.30.

Fri, 08/03/2012 - 12:33 | 2676127 This is the end
This is the end's picture

To answer the question, what do Swiss bonds know? Absolutely nothing....

Fri, 08/03/2012 - 12:36 | 2676133 Bastiat009
Bastiat009's picture

Just another manipulated market. Nothing to learn from it.

Fri, 08/03/2012 - 22:12 | 2677421 Arnold Ziffel
Arnold Ziffel's picture

Swiss bonds "see" it coming:

“A major housing bubble in Canada may cause international distress,” says Neville Bennett

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