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What's Spooking US Financials?
Since just after the open on Tuesday, the major US financials have decided that they will not go Bove-like to the moon and in fact have fallen back quite notably. As European pain has re-emerged, of course, its Margin Stanley that is hurting the most (-5%) but the rest are down 2.5 to 3.5%. It seems once again that the major financials' stocks have got ahead of themselves (both relative to the market and their CDS).
The Major US Financials have been lagging notably since just after the open on Tuesday - as Spain started to deteriorate...
and once again (exemplified by JPM) have got ahead of themselves...
Chart: Bloomberg
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This http://hedge.ly/NHEQDI bonds?
could it be that, for all intents and purposes, they are insolvent?
And the mechanism would be that someone finally . . . FINALLY . . . took a good look at credit default swap exposure to not just Spanish sovereigns, but also bonds on Spanish banks, national AND regional.
If I was Rajoy, I would be out telling those banks to do everything in their power to increase swap traffic and swaps outstanding on themselves.
A huge swap exposure allows Rajoy to demand money with no austerity. The EU, terrified, would write checks.
Bath salts!
http://losangeles.cbslocal.com/2012/08/21/police-report-claims-deutsche-...
I think Hedge Funds are part of it
Hedge funds are betting on disaster
http://buzz.money.cnn.com/2012/08/23/hedge-funds-short/?iid=Lead
also the Fed
Oil near $100. Thanks a lot, Fed!
http://buzz.money.cnn.com/2012/08/23/oil-economy-gas/?iid=HP_LN
Somebody knows something "big" is going to happen soon. The gold price is the tell.
Israel about to bomb Iran? Greece/Finland/Germany about to drop out of the Eurozone? Something else entirely?
meh. If people thought something big would happen they'd be buying physical, not paper. Especially someone like Soros ... why would he buy GLD and not the real thing?
Because if you own paper, you can control the price of physical.
If you have the means, I highly recommend it.
The wealthy, who are already wealthy, are vying for political control.
Those who think gold is irrelevant are ignorant. Those who think gold's relevance is tied to its price in any currency are also ignorant.
Gold is simply relevant.
Question still remains. He has the choice of hoarding millions of dollars of gold or buying shares in GLD. WHY GLD? WHY NOT ALL PHYSICAL?
Why did he marry a younger wife? Long answer: Illusions of immortality; Short answer: it gets his dick hard.
I can't figure out why you guys don't think he already has a shit load of physical...., paper is just icing on the cake and a piece of the price control.
no doubt he has more than he will ever need. The GLD buy is about something other than wealth... he is a player, power is the game. his masters gave him an assignment, he carried it out... why will no doubt become apparent later.
Perhaps he realizes he's The Rich™ as far as the street level Occupiers are concerned, and they might quite like to relieve him of his physical come the revolution. But he's the only one who can execute a sell order through his B/D. I'm doubtful if it all blows up that his B/D will even exist.
I'd keep it in big bars in my massive vault, if I were him - but I suspect he's done some of that too.
You can take physical delivery from GLD if you own enough shares.
Once you control 50,000 shares, you can redeem for physical. Right from the vault. He did this last time.
I agree plus the insiders would be pressing a break out near the 1900 highs on an eminent ease. This is still a head fake and in fact on a closing line chart basis gold hasn't broken out yet though it is on the knifes edge. I'd luv to get long but I'm not about to let these crooks bend me over.
the selloff in oil
Everybody knows that the fight is fixed, the poor stay poor and the rich stay rich...
that the law of the Indian, aryan, caste system. We haven't budged an inch!
@Tyler-Hearing all the rumors of new TALF program-5 yrs 2% Housing refi under 700k, float to 1mo OIS+100 bps after the 5.
Any legs to this and have you covered/going to cover and I missed it?
count me too fuked up to remember, r_tz_mo
what were the de.e.e.tails of this program again? L0L!!!
i just tried to find an article i recently read abt this but gave up; as i recall, the article didn't think this bullshit was doing anybody who needed help any good really b/c the banksters still controlled things and could end-play people but maybe realtors@ and their "inverstors@" found it useful in some ways?
or maybe that was the last one?
smoke?
another down day and R_T will sober up and send for money to get back fromCabo? ... he slammed 75 poppers in 24 hours is what i heard
spray the basement again? we don't want him seein any bugs when he gets home! ... better bomb it mebbe? Hahaha!
Side note: Why are you boozing without me?
I'll be singing at the Cock Pit tonight for a couple hours!
i'll be by for a virginTyler but i'll prob be outa this b4 i see you
Acapulco Gold - YouTube (canadian rap-i-rat version)
The Rainy Daze - "That Fuking Acapulco Gold" - YouTube (older, more sedate denver'65 version)
Volume hasn't returned since Knight's fiasco and volume also took a major drop starting mid December 2011. At least looking at my charts on SPY. I'm not sure if Knight was the straw that broke retails back or if their is something else going on with the HFTs. Something's just not right about this.
Not to mention, it's rigged.
Agreed. The way everything seems to have 'turned on a dime' is just too freaky, teaky.
My guess is that the Big Banks were looking forward to partaking in some Spanish bailout money. We all know the Greek rescue package went straight to the banks.
If Spain doesn't request a bailout, that means no quick free cash for the banks.
With liquidity drying up faster than midwest corn, that ain't good for them banksters.
Spain wont recieve money for their banks till mid october
I agree. I mean if there's one thing banks don't have, it's cash. I'f only they had access to cheap capital, they'd be trading at two times book value.
Oh, wait . . .
Credit to gloomy but worth a discussion Tyler.
Top NY Times article:
http://www.nytimes.com/2012/08/24/business/global/chinas-economy-besiege...
Oh yea and Faber just said Germany into recession soon and global recession 100%.
Not so great for saving the EU then eh.
DP
2012 volume drop = No new 401K money in equities.
Perhaps Bernanke needs to issue another several hundred million in reverse repos...just as a test of course.
Aug. 23, 2012, 3:25 p.m. EDT
Romney says he won't renominate Bernanke
http://www.marketwatch.com/story/romney-says-he-wont-renominate-bernanke-2012-08-23
Were his lips moving when he said that?
I recall another one of those Economic Deceivers (cough Obama cough), promising in 2008 to cut the deficit in half by now.
No, he'll pick someone even worse.
While Romney says he hasn't considered a single person, he added that Glenn Hubbard, who had given that interview earlier in the week, is "a wonderful economic adviser," and that Greg Mankiw is "likewise an excellent economic adviser."
Mitt no revomit Binky ? Monedas 1929 Comedy Jihad Soul Is The Brevity Of Wit
If Dick Bove said anything positive recently there's your clue. Everytime that dirtbag opens his mouth financials take a dive. The man stinks. He doesn't shower and he lies -- always.
Don't get too cocky - Birinyi and Thomas Lee are lurking in a dark corner dismissing negative news and ready to scratch, poke, and pull the hair of all bears like a two-girl ninja rat-pack tagteam.
Global Economy = Runaway Train.
5 days to impact.
All kinds of financial tools, for all kinds of financial fools.
Could always be a trap. As soon as we go Short they could moon us again.
Of course I went short anyway but just saying.
You lot crack me up. What's spooking financials? How about nothing?
Citi has been up over 20% in a month. This is just profit taking. Didn't see this kind of worry when the banks were surging.
Thank you. You may now go back to your self-congratulatory doomsaying.
give yer-self a greenie +1
that's not bad, even if it IS true!
it can not or can't not go unpunished
strangely, they seem to mean the same thing! good shit, maynard! i think i'm channeling rumsfeld! does this mean war?
look at your timestamp
the ideologues are a-trollin tonite! and you after just one week are now on their shit-list, too! L0L!!!
AS MENTIONED BEFORE US HAS BEEN IN A DOUBLE DIP RECESSION SINCE JUNE 15 2012....
SPX / DOW / NASDAQ / DAX / FTSE choppy daily charts are still breaking down.
http://www.zerohedge.com/news/2012-12-24/market-analysis