Short term trades in the stock market •$$$$$•

[Madrus Rose]

Au got bitchslapped today with the market but terrific oversold bounces came for select momos , esp for LNKD selling down from $120 then bouncing 10pts with FaceBook Ipo still just up ahead as the driver .

PCLN $750 R found the bounce off the 50ma exactly @ $705 back up 25pts again to $730 , when in doubt trust the MA's they really work well . Should PCN beat then still will be a fade again at or near top high , selling off ike AAPL . Enough volitility for everyone ? )

FOSL absolutely destroyed today still some bounce off $75 when it was down $50 , they propped these things up far too high luring in retail investors that still bought in , now many of them down $1000's of dollars in one morning & margin calls .

* great bounce play after sell off on India's CTSH , dipping this off $55s yesterday's pounding opened up +4 the only green stock on entire screen while others tanked . Rare play but knew this one always bounces .

 

[Tripsick]

I got that feeling once again... i wonder if this time it will all come crashing down?

http://www.rollingstone.com/politic...nt-be-a-one-way-street-20120508#ixzz1uXqjs3Xy

 

[Nondual]

I think we're looking at an island reversal on RGR developing. I'd expect, for whatever reason, a gap open lower at some point soon then downhill from there. Already looking very unhealthy and probably topping out.

 

[SpasticGramps]

Merkel lays down the ultimatum.

Merkel tells Greece to back cuts or face euro exitThe Telegraph
Greece may be forced to leave the euro if the country refuses to implement spending cuts agreed with the European Union, Angela Merkel warned.

It's the showdown at the ok corral.

The Euro and Europe is on the precipice of the Abyss again tonight. What else is new. Same thing as 2011. Global markets are freaking out as the Spanish 10y soars over 6.34%.

Last time things got this bad the ECB stepped in and monetized.

Fears of Greece EU exit rattle markets

LONDON (MarketWatch)—Fears were growing Monday that Greece could soon be ousted from the euro zone in an increasingly likely confrontation with its international creditors, as the chances for an 11th-hour deal for a coalition government looked evermore remote.

The failure of Greek party leaders to reach an agreement to form a unity government stirred fresh carnage across financial markets as euro-zone finance ministers prepared to meet in Brussels.

European shares saw steep declines, with investors ridding themselves of banking shares and resource plays. The Stoxx Europe 600 index XX:SXXP -1.80% fell around 2%, to 247.45. Europe Markets

The euro fell through the $1.29 level versus the dollar. Euro declines

On Sunday, Alexis Tsipras, the leader of the far-left Syriza party, which received the second-largest number of votes in the country’s stunningly inconclusive parliamentary elections on May 6, said that he would not be attending talks today with Greece’s conservative-leaning New Democracy party, and the socialist Pasok party.

Separately, Fotis Kouvelis, the leader of the Democratic Left party, reportedly told Greek television that a unity government would not emerge.

With no deal in sight, a new election next month is a growing possibility.

Investors fear the Syriza party could come out on top in a new vote. Syriza’s Tsipras has renounced what he has termed the “barbaric” terms of the country’s latest bailout, while insisting the country could remain in the euro.

“It is generally accepted that the euro zone is better positioned now for a Greek exit than it was a year ago,” said Jane Foley, senior currency strategist at Rabobank International, in a note. “That said, it is widely accepted that any sign that Greece could be preparing to exit the system would still trigger contagion in the more vulnerable euro-zone bond markets.”

The greatest uncertainty surrounds how much collateral damage a Greek exit would wreak on other vulnerable—and much larger—sovereigns, particularly given the already-weakened position of Spain, Foley said.

The yield on Greek 10-year government bonds soared a whopping 2.81 percentage points to 27.85%, according to electronic trading platform Tradeweb.

The Athens General Index GR:GD -4.56% tumbled over 5% to 578.97.

More troubling, however, was a sharp rise in yields for Spain and Italy, the region’s fourth- and third-largest economies, respectively, which are seen as too big to bail out.

Yields on Spanish 10-year government bonds ES:10YR_ESP +0.10% advanced 31 basis points to 6.34%, pushing borrowing costs near the level seen late last year before the European Central Bank stepped in with its liquidity-providing long-term refinancing operations, or LTROs, for euro-area banks, which had the beneficial side effect of bringing down sovereign yields.

The yield on Italy’s 10-year bond IT:10YR_ITA +0.11% was up 24 basis points at 5.92%. Bond yields jump sharply in Spain and Italy

 

[SpasticGramps]

Great Video of Jim Rogers.

Rogers: "Volume Is Not Going To Come Back. We've Had A Great 30 Years. That's Finished!"

Jim Rogers is hedging his gold (and silver) positions reflecting that this is normal, following such a tremendous run, and that this is good for the precious metal in the long-run.

In his discussion with Maria Bartiromo this afternoon, he notes India's anti-gold 'protectionism' (and its potential balance of payments issues) that are trying to force the hoarding into risky 'productive' assets (as others might say). The immutable commodity maven suggests JPMorgan (and its peers) could be behind the drops in the overall commodity complex as the uncertainty of their positions (and liquidation potential to raise cash as bank examiners begin their forensics) becomes more important. He holds the USD, which he hates; has a number of equity shorts; and is most fearful of banks - specifically admitting he is a serial seller of calls on JPMorgan.

His advice, and perhaps Maria should look into it given their ratings recently, is to become a farmer; own farmland; and speculate on agriculture. On the dismal 'ethical' state of our leaders and management, the thoughtful Rogers opines, "You can read world history for decades. There are always people doing things wrong. We have not changed our human nature and we will continue to have scandals and problems" and in a follow-up to CNBC's standard 'money-on-the-sidelines' argument he crushes the money-honey's dreams: "Finance had a great 30 years. That's finished. Now to advance, we have too many people, too many MBAs, too much leverage and too many governments that don't like us".

A must-see rebuttal to the 'normal' CNBC hopium with more on China's slowdown, a US recession, Europe and a Greek exit, QE3, and 'tractors'.

 

[Hemphrey Bogart]

Greece has been in default for 105 of the last 200 years. Why is anyone surprised? They should have never been in the EURO to begin with.

HB.

 

[SpasticGramps]

Stocks cratered into the close. The silent bank run in Greece that has been going on for three years now, that has witness many if not most of the deposits getting pulled, has now trickled down to the common man bank run panic.

Drudge's home page has BANK RUN HITS GREECE in big red letters. The party is over.

Expect to see Italy and Spain's bond yields soar and central planners panic over the next few days as the try to keep the bank run from spreading all over Europe.

 

[SpasticGramps]

Who was in this thread a while ago making fun of me because I had a massive hidden concrete floor safe a lot of my fiat currency and physical metals in it and kept little money inside the house of cards banking system?

Anywho, it's 5pm. Do you know where your money is?

Could a Greek Bank Run Go Global? Huffington Post

The biggest worry from Greece's potential departure from the euro is a global bank run. In recent years, Greece has experienced a major bank run. Indeed, in February, the Economist reported that Greek banks have lost 27 percent of their deposits since 2009.

But there are still, apparently, 150 billion euro in bank deposits held by the Greek banks and, no doubt, substantial other relatively short-term liabilities.

As the Greek government starts running out of money (the PM warns this will happen very soon) and continues to not play German ball, the Greek public will start running to get their euros, while the getting is still good. This is precisely the Argentine 2002 bank run scenario when that country could no longer maintain its peso peg.

The Greek government does not sit on 150 billion euros to insure Greek private bank euro deposits. And the Germans, under the scenario I'm considering, won't permit the ECB to continue pumping money into Greek banks just to see that money be spent on Greek government bonds.

So how will the specter of tens, then hundreds, then thousands, then tens of thousands of Greeks lining up in front of Greek banks look on every media outlet across the globe? And what will that picture tell Spanish and Italian and Portuguese and Irish depositors to do? It will tell them to run as well because they could be next. A decision, which would be inevitable, by Greek banks to freeze the public's deposits will make those in the other countries be even more concerned about the safety of their euros.

If bank runs in Greece spread to Spain, Italy, Portugal, and Ireland, they will then spread to Belgium and France and from there to other parts of Europe and, potentially, even the U.S.

Can you spell contagion.

 

[Hemphrey Bogart]

Spain has already nationalized at least one bank. I expect France to do the same shortly due to their bond exposure and the fallout from that. Anything less than a bailout by the ECB will result in nationalized banks in France and Spain, Italy remains to be seen.

Interestingly, the Germans have been prepping for this for quite some time now with Deutsche Bank having reduced their holdings of Greek bonds from 22 billion in 2010 to 1.5 billion or so last year.

It's in Greece's best interest to default and I don't think it's going to be quite as contagious as some people are figuring. Greece was a mess before the Euro and, aside from a few good years, they were a mess afterwards.

The US prints it's own currency, so this talk of runs on US banks due to some European contagion is a bit premature.

Like I said before, the EU was expecting this scenario to play out and now it is. Italy, France, and Spain all have real economies. Greece will screw the investors that were dumb enough to invest in their bonds.

HB.

 

[SpasticGramps]

Spain has already nationalized at least one bank. I expect France to do the same shortly due to their bond exposure and the fallout from that. Anything less than a bailout by the ECB will result in nationalized banks in France and Spain, Italy remains to be seen.

Yes Spain just nationalized Bankia because it's insolvent. The bank's stock price collapsed 30% yesterday on news that depositors were pulling their money out (bank run). The whole problem with all this is you have insolvent countries nationalizing insolvent banks. The more bad debt from the banks that these countries absorb further deteriorates their already terrible balance sheets making them even more insolvent thus driving their bond yields up locking them out of capital markets.

Interestingly, the Germans have been prepping for this for quite some time now with Deutsche Bank having reduced their holdings of Greek bonds from 22 billion in 2010 to 1.5 billion or so last year.

Yes they have. Greece is just the tip of the iceberg though.

It's in Greece's best interest to default and I don't think it's going to be quite as contagious as some people are figuring. Greece was a mess before the Euro and, aside from a few good years, they were a mess afterwards.

They already did default, but just haven't left the Euro yet. They defaulted on the last bailout, but are already almost out of cash. I believe the contagion is going to be worse than 08. Instead of just having mortgage paper becoming worthless this time sovereign paper will become worthless.

The US prints it's own currency, so this talk of runs on US banks due to some European contagion is a bit premature.

Yes. The US is monetizing it's own sovereign paper because no one else will buy it. That has worked for the time being, but monetizing one's own debt can only last as long as the faith in a currency that is being greatly depreciated remains. In other words, it will work until it doesn't. If you are insolvent and monetizing your own debt eventually the currency being devalued to write off the bad debt becomes worthless.

Like I said before, the EU was expecting this scenario to play out and now it is. Italy, France, and Spain all have real economies. Greece will screw the investors that were dumb enough to invest in their bonds.

Spain has 25% unemployment. Their economy is dead. Save for Germany the entire Euro economy isn't competitive and won't be until all debt is restructured. The EU has been saying for years that no country would ever exit the Euro. There is no plan. Just lies.

This is very similar to the 2008 crisis expect instead of banks going bust because they bought worthless mortgage paper banks are now going bust because they bought worthless sovereign bonds. So banks and countries are going to go belly up.

 

[SpasticGramps]

The US prints it's own currency, so this talk of runs on US banks due to some European contagion is a bit premature.

The thing about a bank run is....once they start, they don't stop until whatever fundamental problem underlying and causing the panic is resolved. Europe and the US have done nothing but kick the can down the road, extend and pretend, ignore the problem and hope it goes away. I call this Ostrich Economics (just like an Ostrich buries their head in the sand).

The reality is market forces will eventually force a resolution to the fundamental problem of systemic insolvency. Now that faith in the system is quickly eroding and beginning to snowball into panic (fleeing deposits)....faith will not return until the fundamental problem (too much debt and no way to pay it back) is resolved.

Spain falls into recession amid fears of eurozone bank run

Spain tumbled into recession and European stock markets and the euro fell Thursday as Greece installed a crisis government to tackle its crippling debt, EU leaders prepared for talks and analysts raised the spectre of a run on eurozone banks.
"Markets are worried about eurozone bank deposit runs and an escalating banking crisis," London-based VTB Capital economist Neil MacKinnon told AFP.

Heavy withdrawals of deposits have been reported in Greece and Spain, and top European Union leaders were to hold a videoconference.

They were initially to discuss an upcoming G8 meeting of industrialised countries but were now faced with a serious deterioration of the situations in Greece and elsewhere across the eurozone.

A caretaker government took office in Athens on Thursday to organise its second election in six weeks after an inconclusive May 6 vote as fears over its possible euro exit rocked Spain and Italy.
The election left Greece in limbo and the new poll on June 17 offers no guarantee of a viable government able to implement an EU-IMF bailout which has divided the country.

The International Monetary Fund announced Thursday that it would hold off on official contacts with Greece until after the June 17 elections.

The IMF, which along with the EU is all that stand between Greece and a disorderly default and eurozone exit, have warned that no new funds will be released from the latest 240-billion euro ($305-billion) bailout if progress on pledged reforms and tough austerity measures falters.

Meanwhile, Europe's single currency nosedived to a now four-month low at $1.2667 before recovering some ground.
"Confidence in European equities (is) quickly depleting, this time after the European Central Bank admitted it had stopped providing liquidity to some Greek banks," noted analyst Craig Erlam at trading group Alpari.

The ECB said Wednesday that it was no longer dealing with some Greek banks via the conventional credit window, Dow Jones Newswires reported, and has restricted the banks to "emergency lending assistance" from Greece's central bank that must be approved from month to month.

"Add this to the long list of other eurozone problems and investors are finding it very difficult to justify taking on the additional risk associated with the eurozone," Erlam said.

 

[SpasticGramps]

Asian markets are getting hammered. It's ugly.

Facebook IPO tomorrow. Biggest tech IPO ever busting onto the scene as Europe blows up once again. Should make for an interesting Friday.

Asia stocks tumble as Spain joins list of fears MarketWatch
Many major Asian indexes fall 2% or more

SYDNEY (MarketWatch) — Asian stock investors dumped shares Friday as fresh concerns about the health of Spain’s banks added to existing worries about capital flight from Greek lenders.

Japan’s Nikkei Stock Average JP:100000018 -2.43% fell 2.1%, South Korea’s Kopsi index KR:SEU -2.76% dropped 2.7%, and Australia’s S&P/ASX 200 index AU:XJO -2.05% skidded 2.1%.

Hong Kong’s Hang Seng Index HK:HSI -2.32% fell 2%, and the Shanghai Composite index CN:000001 -1.06% lost 0.7%.

“It’s really bad,” said Ben Kwong, chief operating officer at KGI Asia referring to Friday’s market action. “I think we’re seeing these losses as the euro continues to be under pressure as fears of a Greek exit from the euro zone and the negative consequences from that are prevailing.”

So far this week, Japan’s Nikkei Average is down 3%, the Kospi was 6.4% lower, and Australia’s ASX was weaker by 5%.

U.S. markets fell heavily Thursday, as worries about Europe and some disappointing data pressured stocks.

A downgrade of 16 Spanish banks by Moody’s late Thursday followed a sharp drop for shares in Spanish lender Bankia in the European session, adding to this week’s European banking-sector concerns. Read more on Spanish bank downgrade.

In recent days, reports have emerged about depositors taking large sums out of Greek banks amid fear that upcoming elections in June could mean that the country eventually leaves the euro and that the European Central Bank may withdraw support for the sector.

“Not surprisingly, concerns are growing that bank runs could soon become a regular feature in other troubled countries in the region deemed at risk of following Greece’s lead,” said Jonathan Loynes, economist at Capital Economics.

 

[Zen Master]

let the shitshow begin!

should be any minute now the Facebook IPO starts trading.

how in the FUCK is a company that produces nothing other than data mining and ad revenue valued at >100 bn in this 'market'. What a joke. 100x p/e, "what dot com bubble?"

 

[Zen Master]

this will be one hell of an interesting day in the 'market'. ZNGA flash crashed and was halted, isn't that a source of FB revenue? oh yeah, just a paltry 12% of it. burn motherfucker burn.

 

[SpasticGramps]

Bill Gross is even making fun of Facebook.

Anyone who has bought into these social network IPO's is going to get their asses handed to them. Most of their business models are shit and not profitable long term.

It says something about the state of the country when it's biggest deal/industry going is social networking on the internet. Another great example of how we produce nothing of real value.

 

[Hydrosun]

Look at CRM, biggest piece of shit in the world and up 10% today.

 

[SpasticGramps]

Hahahaha. Facebook can barely hold 38. It's IPO price. The underwriters will keep it at 38. Overall a total bomb despite the absolute propaganda feeding frenzy trying to sucker retail back into rigged casino.

Zynga completely collapsed today. Overall a terrible day for our shitty social network economy. Given all the BS hype that's been non stop for the past few months about Facebook it couldn't have been a worse day. Most tech IPO rally 25% the first day. This POS is getting sold so hard the underwriters are blowing their load keeping just barely at 38.02. Lolol

 

[Tripsick]

Has this truck drove off the cliff yet? maybe its in free fall and they just dont know it yet.

 

[SpasticGramps]

Not yet. Wait for Greece to exit the Euro. Then things will start to get interesting.

 

[Hemphrey Bogart]

Not yet. Wait for Greece to exit the Euro. Then things will start to get interesting.

By the time they finally leave the EURO, this whole Greece crisis might just be "priced-in."

I wouldn't count on Greece being the straw that broke the camel's back at this point. The ECB and the IMF will reach a deal where it will be less painful than it would normally be. Greece will be in the black before you know it and ready to do it all over again, like they have in the past.

HB.