Overnight, Spanish banks BBVA & Santander are getting creamed on credit worries (whocoodanode?)... I mean just 3 weeks ago, Cramer was telling us...
After the CEO of Banco Santander (STD), Alfredo Sáenz Abad, said the mid-term outlook is "brilliant," the shorts went looking for cover. "He got right in their face saying the numbers look good, the dividend looks good, the outlook is brilliant," said Cramer. "Banco Santander is the canary in the coal mine. If this goes, Europe goes. It is the Citigroup (C) of Europe." While some called Abad a "hype artist," Cramer noted the banks undervalued assets... (Cramer & Dick Bove must be be bestest buddies)...
As for BBVA?
Ángel Cano: “The bank of the future requires a new retail model and a different kind of relationship with customers” (yeah - how about managing your business property and NOT asking to be bailed out for starters?)...
But CV is sure that this is an ISOLATED event [snark]... I'm sure CNBS is cranking up the spin machine as we speak... Bernocchio will tell us this is all "contained" (like subprime)...
That, while 10y yields hit a 2 handle overnight, the 2y yield has just hit fresh all time lows at 0.586%, a level not seen since Dec 2008 after the Fed did its last ZIRP cut...
Translation? This ain't good for you equity bulls!
You've got nothing in the stock market say you?... Well consider this (with regards to the general economy)...
Conspiracy and the Impending Spanish Bank Collapse: Who Needs TV for Entertainment?
In fact, the "conspiracy" taking place is the round-the-clock, Chicken-Little propaganda about the "Euro debt crisis" - while the same, U.S. propaganda-machine ignores the much WORSE finances of U.S. state economies.
California's economy is roughly the same size as Spain's - and in much worse shape. Michigan's economy is roughly the same size as that of Greece - and in much worse shape. Illinois' economy is roughly the size of Portugal's - and in much worse shape (etc., etc.)...
Coming soon, to a town near you...
308 comments:
«Oldest ‹Older 201 – 308 of 308 Newer› Newest»Jah... why is it so hard to short a mkt thats down 30 handles?
:)
Wow, I-Man. Anything goes now.
I told ya Manny... I got no read right now... in one of those moments where I'm wondering if I should forget everything I know.
This is just astonishing.
“It’s the banks laundering money for the cartels that finances the tragedy,” says Martin Woods, director of Wachovia’s anti-money-laundering unit in London from 2006 to 2009. Woods says he quit the bank in disgust after executives ignored his documentation that drug dealers were funneling money through Wachovia’s branch network.
“If you don’t see the correlation between the money laundering by banks and the 22,000 people killed in Mexico, you’re missing the point,” Woods says.
Cold Shoulder: Goldman Warns If 1,040 Is Taken Out In S&P, 865 Is Next Stop
http://www.zerohedge.com/article/cold-shoulder-goldman-warns-if-1040-taken-out-sp-865-next-stop
Translation: If 1040 gets broken, cover all shorts until we re-test back up at 1100...
Let's be honest here - how much of the city of Miami itself was/is built on dirty drug money? How much of that economy? Any estimates?
I'd say what I'm going to do... but I dont want Lloyd to know...
ahab's predictions-
2012 winning POTUS candidate and winner will be a no-one- someone totally not on anyone's radar screen right now
also- the next QE will come as block grants to States (protect the public unions) to shore up political support
Scarface says...
"Say hello to my little friend"
Obama's starting to make me look good.
@ahab
Ralph Nader - lol
manny-
that's why drugs should just be legalized-
the "war on drugs" has been a failure- people want to be intoxicated-
sometimes being "high on life" doesn't cut it
From Leftback, on the road:
http://www.thedailymash.co.uk/sport/sport-headlines/england-players-tired-after-long-season-of-travelodge-skanks-201006292859/
All of his suspicions are confirmed...
CV-
even "unsafe at any speed" Nader is a known quantity-
I mean- like Clinton- a total nobody that comes out of nowhere and pulls out a win-
and that was because it was a 3 man race-
it will be a big messy affair
CV isn't surprised that 1040 is such a line to be defended...
This goes all the way back to 9/11...
1040 was the support the day after trading was resumed (after the markets had been closed for a few days)...
And of course it was around the highest weekly print after the markets collapsed post Lehman (until it was finally taken out last September)...
This is MORE than just a 2010 level we're talking here...
Resolution of the 5min wedge in SPX will tell us how the rest of the day goes I think
ahab says-
it will be a big messy affair
alright- I am not talking about Monica Lewinsky either
On point Nic
I agree, ahab. It's been an utter failure.
Nic,
WE were looking at the same thing. Looks like resolution may be upon us.
@Nic (1:05)
I think that's a good point...
That's why I put a possibility of NOT a total meltdown happening if 1040 gets taken out...
We could have a "whoosh" (say down to Amen's FIBO, 1022)...
Then close back up over 1040 (to give it more chances to defend)...
JTOL
1050.47 is the lowest DAILY close for 2010...
There's room to chop...
CV
Unless the "whoosh" happens in the last 5 minutes...
1010 is the number other technicians are looking at for first support..
@Amen
You're right...
We'll see how it plays out...
A lot of scenarios are on the table here... But my 1:04 comment should carry some weight in the larger picture...
The New York close (2 hours & 45 minutes away), must look like one of those Alfred Hitchcock scenes to Bernocchio...
Where the object keeps getting sucked farther away...
LOL
C NYSE: Citigroup Halt Was Due To Single-Stock Circuit Breaker
1:15 PM ET | Dow Jones
When money ceases to be the tool by which men deal with one another, then men become the tools of men. Blood, whips and guns – or dollars. take your choice – there is no other – and your time is running out.
-Francisco d'Anconia
oh dear.....
@Karen
Francisco d'Anconia... Renaissance MAN! :-)
Tuesday, June 29th, 2010, 12:23 pm
Source: Businessweek
Fannie Mae and Freddie Mac, the housing-finance companies supported by US taxpayers, should take advantage of demand for government-backed mortgage debt and sell their holdings, according to Pacific Investment Management Co. (Pimco).
"Since the government's going to want to unwind them at some point anyway, why not do it at the best levels ever?" said Scott Simon, the mortgage-bond head at Pimco, manager of the world’s biggest fixed- income fund.
Do you want the baseball bat, the belt, or the wrench?
Great quote, karen.
I want the false breakdown < false breakout < short the thrust...
Encore @ 1025
Bernocchio-
lol-
gotta roll out and do some work- sigh
all have a good day
Mr Topstep tweeted stops all the way down to 1030 S+P
Mr Topstep
http://www.youtube.com/watch?v=TNkj2PLJbsk
thanks nic! just added him to my twitter.. will check out whom he is following later : )
only about half my faz sold at 16.90, damn. : )
I just want to hit the pool...
Not sure why I just sold the 1041... but I did.
They do love Me! Me and Sally Fields! Me and Bobbie McGee!
http://finance.yahoo.com/banking-budgeting/article/109950/the-tortoise-vs-the-hares?mod=bb-budgeting&sec=topStories&pos=8&asset=&ccode=
Commentary: Top adviser over last 30 years is largely in cash right now
"That is the inescapable conclusion that emerges from the Hulbert Financial Digest's three decades of tracking investment advisers' performance. Believe it or not, the adviser at the top of the rankings over those 30 years has been largely in cash for more than a decade."
...But I did get in on the tech wreck...thank goodness.
See, us gutless wonders do make a nickel every now and then!
Mr Market: I-Man was that as good for you as it was for me?
I-Man: I want my money back...
Algos churning, fat finger positioning, June to go out with a bang.
@Amen
The ECB needs to roll a significant amount of term liquidity deposits Thursday. (July 1st)...
Can you say... "Sell the SLOPE OF HOPE to the MOMOS's"...
Could be a GAP DOWN on the Monthly chart (at 1040) coming...
Naaaaaaaaw!
Nothing cures market frustration like spiderman pushups and crunches...
Now, can they get it to 1051?
mcHAPPY confused.
You aint the only one my bro...
I-Man
Nada.
just sold again @ 1041.75
Glutton for punishment.
Beat me Market, beat me.
A lot of offers just popped up on the board...
blood in the water...
very strange order flow today on the es...
I can hear the MSM already if 1040 holds "This is very bullish for stocks as 1040 holds. BUY BUY BUY!!!"
@Amen
Which would be a load of BS because the low CLOSE on the year thus far is 1050...
Hell, we could close for 4-5 straight days under 1050 and above 1040 without much ado...
McHappy
Even the bullish EW guy who I follow is confused today.
Yes... come on...
SELL EM LLOYD.
BUY THE 2s SELL THE SPOOS.
@Nic
I'm telling you...
1040 is a VERY BIG DEAL
= recovery after 9/11
= recovery after Lehman
Doesn't mean it won't get tripped today either...
But there's a lot of thinking going on...
what the fuck!
cheaters.
Hmmm another 5 min short squeeze failure...
I-Man is back in and out for blood... Rambo bitches.
I hope they f-ing choke on those bids...
I'm wondering how many are going to go long at the close since 1040 has held a couple of times? GS is hoping they do...
@Amen
Sure they hope...
But the other times we hit 1040, there was no DARK CROSS looming...
They can keep doing this shit... and we'll keep doing this shit...
Thats 3 trades now I've booked a few ticks just under my entry.
Just got to move the stop to lock in gain the second you get ahead.
Keep riding the ripples...
They are throwing everything they have to keep this market up but they're throwing into a black hole.
Chester is following you TOO?
Weird markets, can't get a good feeling about anything, glad I am on the sidelines watching.
look at the monthly candle on eurchf.
paging K-A-T-H-E-R-I-N-E paging K-A-T-H-E-R-I-N-E Pick up the damn phone!
new low print
by far most difficult tape I have ever tried to trade... right here.
Just cant get in...
Got PPT?
Where's that foto Andy has of the monkey picking the bottom?
Dude... my everlast bag better fuckin run for cover today...
Oh my...another failed squeeze attempt.
my order book today makes me look like a crackhead.
Nancy Reagan says...
"Just say no..."
Homer Simpson says...
"Just say DOH!"
Just say... grasshopper.
Bernocchio says...
"Subprime is contained"
Obama says...
"Would you like sprinkles on that frostee?"
Mr. T says...
"I pity the fool"...
just straight, out gamed, out matched, out traded today... gotta love the deep end of the pool.
well, spain scores. phew. Portugal is contained??
Prashant
And thats trading WITH the trend.
Iman,
http://www.youtube.com/watch?v=u-vEU_sK5XI
Here come some buyers.
huge volume on the bids
just sick
CV says we go lower tomorrow...
But maybe find a temp bottom somewhere...
Tomorrow they can use some late day momentum to suck in J6P's money that got sucked out of his payroll check and is sitting in Brian's account just WAITING to buy the dip in the first 3 days of the month...
I dunno, cv. I think J6P is shitting his pants right now.
So... we go lower (but maybe close tomorrow positive)...
PPT showed up just in time. ;-)
@Manny
It has nothing to do with J6P...
The money has already been transferred (via automatic payroll deduction)...
Brian is REQUIRED BY LAW to put it to work...
If J6P didn't want this to happen, he would have had to notify Brian several weeks ago...
I'm not talking individual accounts here... I'm talking Mutual Fund money...
Well I'm not looking at 1040 but 1041.83. The SPX closed under that price which should mean a test of 993.53 is in the works.
Perturbed that i didn't sell more.. kept diddling with my limits.. oh well...
thx, bob!
But overall... look at the volume on that hourly chart, all red. Pure liquidation.
@Amen
993... at the moment... Is the "WEEKLY" 89SMA...
The famous "Louise Yamada" line...
"CV says we go lower tomorrow...
But maybe find a temp bottom somewhere..."
Yeh, might even make it to 1008 this week (56 X 18), trade accordingly
992 was the level CV "polled" for (on this blog) back during the January dip...
The greatest number of responses was:
"Just another number you're pulling out of your @ss CV"...
The economy is in fantastic shape.
Just a few minor "headwinds" from Europe.
Let me show you how to pull a rabbit out of my hat, Rock....
Bullwinkle Moose
Boris Badenov & Natasha said...
Natasha: Boris, how are we going to steal car from moose and squirrel?
Boris: Easy, we are going into the used car
business.
Natasha: On purpose?
"Watch out for margin calls in the Japanese retail market at 09:00 Tokyo time. The retail market is thought to be long AUD/JPY in particular and if they get margin calls after big overnight moves it happens right on the Tokyo open."
http://www.forexlive.com/
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