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What Happened The Last Time IBEX Jumped This Much?
It appears that today's +3.5% jump in IBEX (from decade-lows) is being heralded as some kind of indication of a bottom or turning point in stress in Spain. By way of context though, Spanish 10Y bond yields remain above 6% (and spreads at 450bps near record wides), Spanish 5Y CDS are unchanged at record wides over 500bps, and the banking bailout remains woefully small relative to the size of the hole they are trying to fill (and all of that is funded by a sovereign that only retains access to the public debt markets thanks to its circular banking system's bid). To be more clear, the last time IBEX increased by +3 sigma marked the very top last July before Europe fell apart and IBEX plummeted 23% in just 2 weeks. Anchoring bias can be a dangerous thing and dead cat bounces are often misleading when selling-fatigue is all around.
A +3 sigma move off a 3-month mean was the trigger for sellling to begin last summer - will we echo?
Chart: Bloomberg
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If it is rallying based on the previous article then maybe this time will be different?
Printing to solve rising unemployment and collapsing GDP in the south? That will work.
It should help receipts though: inflation is taxable.
How do I go about purchasing some Spanish debt for my retirement funds.
Would you recommend this?
Just buy a caja instead ?
Well, HERE is an interesting potential correlation:
“The magnificent animals who slip and slide on the streets of Pamplona during the Running of the Bulls are later violently killed—all in the name of "tradition."
http://www.usnews.com/opinion/blogs/erbe/2009/07/10/running-of-the-bulls-in-pamplona-is-cruel-sadistic-outdated-and-should-end
>>'It should help receipts though: inflation is taxable."<<
Bingo was his name -oh!
Now you are starting to see where the whole world is headed... raising taxes is unpopular, but now its been proven beyond a doubt that the sheeple don't complain too much about rising food,energy,health insurance, cost of living so through inflation the rich get richer and the government collects proportionate amounts of "revenue"
Sure, the sheeple talk about it in the supermarket like old ninnies complaining about a neighborhood cat but they don't really DO anything about it... so TPTB gain even more control and power...
"It is well enough that people of the nation do not understand OUR banking and monetary system (AKA, THE FEDERAL RESERVE PRIVATE BANK PONZI PONZI), for if they did, I believe there would be a revolution before tomorrow morning."
Can you guess who said that?
HENRY FORD!!!
HE WAS RIGHT!! ITS COMING!!!
GET READY!!!
I'm gonna have to consult Cramer on this. He is a guiding intellectual when it comes to the markets.
I checked - he clearly stated "BUY BEAR STEARNS"
I didn't have the heart to tell him JPM already did.
As for the market jump - well you have to trap those bulls somehow - eh?
IBEX is a sheep, or wool giving animal, no?
How ironic we are all being fleeced...
Rembember the quote from the mayor os some Spanish town where they are still building condos......they will sell when the economy improves ...or something like that......lol
No one wants to talk about Spain...because if you do...you know its over....
What is the craw in my toe is the Gold price....we should be at $2,000 and ounce today with the world troubles...
Why should gold be at any price level? The PM markets are totally disconnected from fundamenta or reality in general for that matter.
And since the article is about equities, anyone looked at the gold mining stocks lately? They are almost to 2008 lows. Interesting dichotomy compared to Spain - an industry that actually produces something and has increased YoY earnings is in the tank vs Spain which survives on a hopium drip. I wonder which one is correct?
And then some!
A natural reaction to a previous down move. Nothing to see here, move along.
That Spain is going down in flames before Thanksgiving is a no brainer. Prolly dragging most of the EU with it too...
it means dow closes +100 and ES +20 today
Don't you miss all those down 4%/up 4% days from last summer?Financial stability is way overrated.
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I don't know where this sugardaddy dating site found this guy for their add but he is awesome in such an awful way. He has to know how awful he is right?
STFR!!!!!!
I've already lost two cats this year.
I don't think the cat gets hurt. It's already dead when it bounces.
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BUT LOOK AT ALL THE GOOD NEWS!!
...
BEAUTIFULL NEWS IN EUROPE TODAY!
"Nobody may patent a plant or animal in Europe is agreed by the Europarlement"
TAKE THAT MONSANTO!! WHOEHAHAHAHA!!
WOW, that is great news. I think the Europeans still hate Bill Gates so they fucked Monsanto, the next best thing :) How can we get it so wrong? Rhetorical question. Its amazing that they (Monsanto and the others) are getting away with as much as they are - the whole issue around labels is beyond belief really. Its just one more point of proof that corporations rule our Government regardless of the consequences....
BUT, they'll get theirs sooner than later. Bill Gates will need to hire an Army once the truth goes gloabl on him and his thinking. That man is evil, and by any measurement other than the size of his wallet he is nothing more than a theif and a lier. He missed the WHOLE internet play completely and destined his company to long term deterioation. Then, they missed the whole mobile phone/device play! But I disgress.
Most of the world (all?) doesn't want GM foods anywhere near their country but that is increasingly difficult to stop. They are literally destroying the eco-system at a most fundamental level - just ask the bees. Evil in an under-statement for defining these companies and the politicians that suck their @#$@, allowing legislation to be written and passed without ANY consideration for the ANYTHING but money.
Also in Europe they forced the criminal companies to actually label the foods appropriately, another big deal since we have no such law here. Both Mexico and Canada are pissed off because it is destroying the integrity of their agriculture so they say, I believe them given the evidence produced. It is apparently true that the dirt in America is so bad that these are increasingly the ONLY crops that will grow. Acccording to insiders this has been Monsanto's plan all along - destroy the soil such that they HAVE to use both our seeds as well as our chemicals. Its working here, unfortunately!
Disgusting when I see Europe get something right that we have gotten so terribly wrong! (and all for money).
OH MY GOD!!!
IN JULY 2011 THERE WAS A EARTHSHAKE IN THE KERMADEC ISLANDS REGION!!!
You guys think it was related with the IBEX?
...
I....
I just don't have a clue where that is...
http://en.wikipedia.org/wiki/Kermadec_Islands
NE of New Zealand and SW of Tongo.
The real performance of Ibex.
http://alejandrogarciastock.blogspot.com.es/2012/05/pain-of-spain.html
Me thinks that a lot of the old anchor biases will be at the bottom of the proverbial sea at the close of this decade.
Whoever is buying let them have it and sell to them all they will take......