No economic data was scheduled to be released Monday so the main focus of the market was the planned dual POMO. QE2 and POMO are winding down this month so the day's monetization of debt held more importance then a few recent ones. After the initial spike, however, the market went into a coma-zone of about 4.50-point range of nearly 5 hours.
The Federal Reserve begins a 2-day meeting Tuesday with another press conference by Chairman Bernanke Wednesday afternoon. Will QE3 by another name be announced then? Will there be at least some hints? I think the latter is quite probable.
The Greek default situation hasn't gone away either. From Bloomberg we read...Greek Prime Minister George Papandreou faces a confidence vote in his government today that may determine whether Greece becomes the first euro-area country to default.
Tonight's vote caps a week of turmoil for Papandreou, who fended off a revolt from the ranks of his ruling socialist Pasok party in parliament last week. That came after opposition parties rejected his call for a national unity government. European Union leaders have insisted Papandreou secure multi- party support for austerity measures that are a condition of the aid needed to avoid default as soon as next month.
The Federal Reserve begins a 2-day meeting Tuesday with another press conference by Chairman Bernanke Wednesday afternoon. Will QE3 by another name be announced then? Will there be at least some hints? I think the latter is quite probable.
The Greek default situation hasn't gone away either. From Bloomberg we read...Greek Prime Minister George Papandreou faces a confidence vote in his government today that may determine whether Greece becomes the first euro-area country to default.
Tonight's vote caps a week of turmoil for Papandreou, who fended off a revolt from the ranks of his ruling socialist Pasok party in parliament last week. That came after opposition parties rejected his call for a national unity government. European Union leaders have insisted Papandreou secure multi- party support for austerity measures that are a condition of the aid needed to avoid default as soon as next month.
"Pasok now knows it has to close ranks," said Holger Schmieding, chief economist at Joh. Berenberg Gossler & Co. in London. "The situation is volatile. A negative vote by the Greek parliament could trigger a serious crisis in Europe."
The International Monetary Fund, contributor of a third of the bailout money for Greece, Ireland and Portugal, (the IMF is about 60% funded by the USA) has warned European leaders that a failure to take decisive action on the debt crisis risks triggering large global spillovers. At the same time, Papandreou is struggling to convince Greeks to accept a 78 billion-euro ($112 billion) package of state-asset sales and budget cuts, which include a crisis levy on wages.
...Schmieding said there is "a better than even chance Papandreou will win the vote of confidence after the reshuffle. Putting party stalwart Venizelos at the top of the finance ministry improves the chances that Pasok will stick together", said Schmieding. "It is a close call."
Is it really a close call? Does it matter which party stalwart was put at the top of the ministry? The people of Greece do not want the bailout-for-bankers program, but the banksters sure do. And that's all that really matters so I would argue it's not a close call at all; whatever the bankster mafia wants, the bankster mafia gets.
The International Monetary Fund, contributor of a third of the bailout money for Greece, Ireland and Portugal, (the IMF is about 60% funded by the USA) has warned European leaders that a failure to take decisive action on the debt crisis risks triggering large global spillovers. At the same time, Papandreou is struggling to convince Greeks to accept a 78 billion-euro ($112 billion) package of state-asset sales and budget cuts, which include a crisis levy on wages.
...Schmieding said there is "a better than even chance Papandreou will win the vote of confidence after the reshuffle. Putting party stalwart Venizelos at the top of the finance ministry improves the chances that Pasok will stick together", said Schmieding. "It is a close call."
Is it really a close call? Does it matter which party stalwart was put at the top of the ministry? The people of Greece do not want the bailout-for-bankers program, but the banksters sure do. And that's all that really matters so I would argue it's not a close call at all; whatever the bankster mafia wants, the bankster mafia gets.
Trade Date: 6/20/11
E-Mini S&P Trades*
(before fees and commissions):
E-Mini S&P Trades*
(before fees and commissions):
1. No "Secrets" trades filled today.
2. Algorithm positions (2)
3. "Reading the Tape" positions (2) ...combined Secret's, Algo, & "Reading the Tape" total...-0.25
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