Markets have begun seizing up as sellers overwhelm the system. The China Securities Regulatory Commission, has described market participants as being “irrationally” driven by “panic sentiment” despite there having been no rational basis for the run up in Chinese markets before they peaked last month.
We are entering the final phase of a cyclical bear market...
Seems like 'glitches' are becoming a little too common...
*UNITED AIRLINES U.S. FLIGHTS GROUNDED, FAA SAYS IN NOTICE, CITES 'AUTOMATION ISSUES' IN UNITED AIRLINES STOPPAGE
This is the 2nd such setback in six weeks!
"Prove You're Not A False Prophet!"; Tsipras Lambasted At Fire And Brimstone European Parliament SessionSubmitted by Tyler Durden on 07/08/2015 07:11 -0500
Facing a new “deadline” to submit a viable proposal to EU creditors and keep Greece in the eurozone, Greek PM Alexis Tsipras faced friends and enemies at the European Parliament in Strasbourg on Wednesday, where there was no shortage of fireworks from both sides of the Grexit debate.
“Wake up, people of the world and investors! Greece will come to your neighbourhood very soon, maybe not this year but next year or whenever…because the world is over-indebted and defaults will follow or they’ll have to create very high inflation rates”.
A day of diplomatic blow-ups in Europe just had a more literal, if perhaps more tragic echo, in the US when minutes ago in a scene straight out of Breaking Bad took place in real life when an F-16 fighter jet is said to have crashed into a civillian Cessna airplane, above Highway 52, near Cooper River in Berkely County, 30 miles north of Charleston, South Carolina.
The last time the S&P 500 dropped below its 200-day moving average, The Fed's Jim Bullard rapidly stepped in to save the world... who will save the world this time?
While the new Greek Finmin Euclid Tsakalotos is sweating to convince his peers at today's Brussels Eurogroup meeting, which was supposed to discuss the "latest" Greek proposal that the old, and rejected, Greek proposal is really Greece's best foot forward, a surprising development which will likely result in yet another very brief summit, his significantly more exciting, and polarizing, predecessor was just spotted in Athens having a far more enjoyable time.
Today's "final" Eurogroup meeting is yet another "last" chance for Greece to stay in the Euro according to Greek headlines. The meeeting begins in minutes, at 12:30pm CET/7:30am Eastern so expect the usual torrent of "Greek deal" headlines which send the S&P surging followed by prompt denials which the S&P algo soundly ignore. By now the game is quite familiar to everyone.
FLASH BOYS’ PROGRAMMER IN GOLDMAN THEFT HAS CHARGES TOSSED OUT
Like a game of chess Tsipras may have just sacrificed a knight in order to achieve a greater strategic aim – the marketing of a compromise deal to highly sceptical northern European countries. Were Greece to be expelled, and our television screens filled with Greek humanitarian causes, the likelihood of any euro nation passing additional powers to an increasingly European feckless elite has become essentially zero.
The Greek referendum landslide "No" vote came and went and just hours after its passage claimed its first head, which was - perhaps somewhat surprisingly - that of the Greek finance minister himself, Yanis Varoufakis, who many say orchestrated the referendum seen as a loud endorsement of the government's actions. As of this morning he is no more. Here is why in his own words.
With virtually all polling completed, the final result is 61.3% No, 38.7% Yes - a whopping rejection of Troika hegemony which may also be the final nail in any negotiations between Greece and the Eurogroup.
Most leading indicators are warning; more trouble could be ahead...