Show me the money: EU announces *955b* fund to fight ‘wolves’ and ‘speculators’ and ‘defend the Euro’
Update: 9:51am the Euro Tarp is bigger than first announced…waaay bigger:
…They pulled 440 billion euros out of a hat, as a bailout fund for sovereign states. The IMF kicked in another 250 billion, and there’s another 60 billion coming from the EU itself. It’s just under a trillion dollars….
Word is the FED uncapped the swap lines also…rally zombie bull rally like the zombie you are..it’s a zombie world now…
Update: 9:30am EST: DOW opening…soaring on EU bailout and FED opening of swap lines to EMU…DOW up 212, wow NAS up over 100, GOLD down 10 to 1200.20 and holding there…all 30 DOW components open higher…Germany is on the hook for the big dollars…
9:32am: DOW now up 300, FOXBiz notes no curbs to the upside exist, lol…looks like a nice opportunity to SELL into the rally to me, but then I am a bear heh….
Will US markets open up, commodities fall with USDollar and Euro rise? If so, will it last more than a few hours? Only if the EU actually loads their bazooka with serious money. And the Fed better have the sense to stay out of it, the Congress critters will go wild if they try to get involved in the funding mechanism…
Expectations of decisive action buoyed the euro as trading began in Asia. It jumped 1.5 percent to $1.2939 as of 7:59 a.m. in Sydney. EU officials aimed to wrap up the meeting by 2 a.m. Brussels time….
European Union finance ministers moved toward agreement on an unprecedented loan package worth at least $645 billion to prevent Greece’s fiscal woes from triggering a broader sovereign-debt crisis and shattering confidence in the euro.Jolted into action by last week’s slide in the currency to a 14-month low and soaring bond yields in Portugal and Spain, the 16 euro governments sketched out plans to make 440 billion euros ($570 billion) available, with 60 billion euros more from the EU’s budget, according to three officials at the talks in Brussels. An additional, unspecified sum may come from the International Monetary Fund, the officials said.
“We are going to defend the euro,” Spanish Economy Minister Elena Salgado told reporters as she arrived to chair the meeting yesterday. “We think we have a duty for more stability for our currency. We will do whatever is necessary.”…
Ahhhoooo the Werewolves of London….it’s the FOXES in the henhouse they should be worrying about…
…“In the night, when the markets are opening, we cannot afford a disappointment,” said Finance Minister Anders Borg of Sweden, one of 11 EU nations not in the euro. “We now see herd behavior in the markets that are really pack behavior, wolfpack behavior.”..
France is using its intelligence agency to try and stop ‘speculation’ IOW they do not want the Euro to trade ‘freely’?
French financial authorities will work with intelligence services to crack down on speculators seeking to profit from the debt crisis by spreading unfounded rumors, the head of the AMF markets watchdog said on Friday.
“We are in a period when rumors are affecting the security of states, the credibility of the euro zone,” AMF president Jean-Pierre Jouyet told I-Tele television.He said market authorities would use all the means at their disposal and would work with the DCRI, a domestic intelligence service that normally handles cases of counter espionage and cybercrime.
If necessary, investigators would look at “everything which might have been exchanged in the form of emails, text messages, anything which might have been put up on internal bulletin boards at banks or funds,” he said.
“If it turns out that certain baseless rumors…are not backed up by…any rigorous analysis, I do not doubt that there will be sanctions against the operators,” he said.
The comments, which follow similar remarks on Thursday by Economy Minister Christine Lagarde, add to a growing chorus of condemnation in Europe of what many politicians have described as speculative attacks against the euro on financial markets….
El Erian: the contagion of the Greek debt crisis and insolvency of sovereign debt
Changed post title, CNBC had a bad title there, El Erian did not say it was frightening, he said we have serious concerns over the contagion and solvency…
Vodpod videos no longer available.
Yesterday’s interview, which CNBC tried to blame for the market plunge, lol:
Vodpod videos no longer available.
Greek Parliament ratifies austerity measures, EURO tanks, USDollar rises, GOLD soars up $24 to $1199, DOW plummets +200
Duncan Niederauer, NYSE Euronext CEO discusses whether error really caused the market plunge today
Vodpod videos no longer available.8:09pm EST: NYSE cancels all trades made between 2:40pm and 3:00pm that were more than 60% off.
Word is after the first really low maybe -off- trade, the computers ran wild with it, Since NYSE has a sort of stopbreaker where they wait maybe 60 seconds to put a trade through if it looks really ‘off’, the trade just moves to the next electronic exchange for a price, the other exchanges do not have the stopbreak so the trades go through, wrong and all. Then the quant models, the buy and sell limits all start kicking in automatically and we get what happened today.
Several respected traders came out this afternoon and said the market is broken, it is too fast. We need the NYSE stopbreak model applied to all electronic exchangs or it will happen again. Duncan Niederhauer cam eon with Maria Bartiromo and explained it well, I will post the video.
SEC and CFTC say they are examing today’s events.
Duncan said tomorrow will probably be ‘ugly’.
3:58pm EST: So a bad trade on PG off by a digit is rumoured to be responsible for the drop from -400 to -998 and back to -400ish. But the Euro plunge, the USDollar rocket, the GOLD surge and the 400ish drop are all fer realsies.
DOW closing down 354 to 10514, those sell programs that ‘kicked in’ saved lots of bacon. But having humans on the floor making the trades would likely have prevented the entire bad order issue in the first place.
3:07pm EST: The 998 drop is an intraday record, now DOW is down 366. I went ahead and pulled the trigger on the LYV buy I have been eyeing. Since I cant beat Ticketmaster I may as well join ;em, the frakkers!!!
2:51PM est: I think the plunge protection team stepped in, suddenly back up to down 650-where are the trading curbs??
2:49 HOLY SHXT, DOW DOWN 956, US DOLLAR SURGING against EURO, FORGET Obamas export plan, PFFT!
2:48om EST: Holy shxt DOW now down 778 and not stopping, this is fear the US will go the way of Greece, we need to STOP SPENDING
2:44pm EST: Above the post update-DOW now down 503 to 10364, GOLD crossed 1200…hang on sloopy!
gold baby
you know what that means….
2:20pm EST: the crowd is pushing closer and closer to the police line outside Parliament in Athens
…DOW now down 270
2:24pm EST Crowd dispersed into small groups outside Parliament and are now moving into commercial center…
Update: Gold breaks $1200 an oz; Gooooooold!!! Hits another record $1196.80 an oz…
Update: 11:30am EST: Gold just broke $1200! 1200.3 , wow. Dollar is falling and stocks are up again, ignoring the reality that this is very bad for our economy long term a weak currency, DOW up 130 to 10,474.70…keep printing that money
And you know what that means! It’s Shirley Bassey Burl Ives time!!
Dubai Debt Delay sends markets spinning, US Dollar hits 14 year low against yen…
Dubai World's real-estate subsidiary, Nakheel, built the emirate's iconic palm-tree-shaped island, packed with luxury villas and hotels. Bloomberg
Dubai is delaying its billions in debt repayments, markets are tanking, ours are closed for the Holiday. Tomorrow should be interesting…
Dubai World, with $59 billion of liabilities, is seeking to delay debt payments, sending contracts to protect the emirate against default surging by the most since they began trading in January.The state-controlled company will ask creditors for a “standstill” agreement as it negotiates to extend maturities, including $3.52 billion of Islamic bonds due Dec. 14 from its property unit Nakheel PJSC, Dubai’s Department of Finance said in an e-mailed statement. Moody’s Investors Service and Standard & Poor’s cut the ratings on several state companies, saying they may consider the plan a default.
“Extending the maturity of Nakheel debt is feeding the market’s uncertainty on which debt Dubai will honor in full,” said Rachel Ziemba, a senior analyst covering sovereign wealth funds at New York-based Roubini Global Economics. “They look desperate and the market is concerned that in the long term Dubai’s indebtedness is rising not falling.”
Dubai accumulated $80 billion of debt by expanding in banking, real estate and transportation before credit markets seized up last year. Contracts protecting against default rose 116 basis points to 434 basis points yesterday, the most since they began trading in January, ranking it the sixth highest-risk government borrower, according to credit-default swap prices from CMA Datavision in London. The contracts, which increase as perceptions of credit quality deteriorate, are higher than Iceland’s after climbing 131 basis points in November, the biggest monthly increase since January….
Zombie Bull Rides Again! Dollar drops, Dow roars plus Gooooold! hits another high
Goooooooooold hit ANOTHER high now up $7.5 to $1103.2, you know what that means…it’s Bassey time!
See Zombie Bull Ride.
Ride Zombie Bull Ride.
Ride Zombie Bull Market Ride!
Who will catch the US Dollar when Zombie Bull realizes he cannot afford to buy feed with his devalued currency?
American minds want to know. Since we LIVE in, you know, the dollar.
Moron market thinking really short term I do not see the future gazing markets of my youth at play here.
DOW about to close up 188.71 now 10,212.13
S & P up 21.85 – 1091.15
NAS up 37.06 to 2149.50
and of course all due to the US Dollar hitting a recent low IMO. 10 yr 3.48% Oil is up $1.75 to $79.18
Update: .DXY (US Dollar Index) 75.04
GOLD!! Another new record $1080.00 an oz…
India bought 2 metric tonnes of Gold from the IMF last night and Gold is working hard to break out of the up dollar chart, it has hit another new high $1080....Our previous posts on Gold here
You know what that means!!
It’s Bassey time!!!!
She still sounds great, this is just last week, clip courtesy of JamesBond007krzycho:
Her name is Bassey – Dame Shirley Bassey.
On 23rd October 2009 Shirley Bassey performed alongside the BBC Concert Orchestra at the London Roundhouse. The three-time James Bond title theme performer is more than 50 years on the stage and still has (as You can hear) an undeniable licence to thrill.
Moderate in the Middle 