Many European bank stocks, especially French banks, traded feverishly today due to the ever increasing belief that Greece is cooked; that it will finally declare what we all know: Greece is bankrupt and will never repay its monstrous debts. To believe otherwise is the realm of the politician...and the word "insanity" comes to mind when attempting to think like them.
From the Wall Street Journal we read
"We can no longer borrow dollars. U.S. money-market funds are not lending to us anymore," a bank executive for BNP Paribas, who declines to be named, told me last week. "Since we don't have access to dollars anymore, we're creating a market in euros. This is a first....We hope it will work, otherwise the downward spiral will be hell. We will no longer be trusted at all and no one will lend to us anymore."
But why is Greece still a problem? Wasn't it bailed out two years ago? Wasn't it bailed out repeatedly? Yes, the first of two major international bailouts was nearly 2-years ago that poured a combined $300,000,000,000.00 into the small country and it isn't nearly enough.
One wonders why, and yahoo.finance.com offers an explanation "Over the past few days, Finance Minister Evangelos Venizelos has issued a series of pledges to accelerate delayed reforms meant to cut the cost and size of the public sector, and raised the prospect of firing up to 20,000 public servants -- which would break a major taboo in a country where state employees have guaranteed jobs for life."
So $300-BILLION has already been flushed down the toilet as reforms are being "delayed," but there really isn't a problem here says the European politicians. And I'm sure things are going great in Italy, and Portugal, and Spain, and Ireland too - just ask a politician.
Oh but don't worry; although your 401Ks are being held hostage by the global banking mafia's horrible lending decisions, the politicians got your back. Kind of. They will do whatever it takes to protect the banking mafia with the retort "Do you have money in stocks!? Well, we're trying to shield that by protecting the banksters."
The reality of it is: politicians are screwing you either way because your equity positions will be worth less, inflation will be higher, and the banking mafia will once again - shamelessly, mind you - engorge themselves on record bonuses.
Then again, maybe they can pull off a miracle after all with Operation Sweep under the Rug. This Friday president Obama is sending the Secretary of the Treasury to Germany to offer advice. My guess is that Tax-Cheatin-Timmy has some guidance as how to hide liabilities - you know, like he did - before the president of the United States hired him.
I'm so sick of this BS and how GLOBAL leaders have used their own treatises, Constitutions, and other notions of "free markets" as toilet paper that I doubt I'll write about it again - until something actually happens like a Greek default.
But why is Greece still a problem? Wasn't it bailed out two years ago? Wasn't it bailed out repeatedly? Yes, the first of two major international bailouts was nearly 2-years ago that poured a combined $300,000,000,000.00 into the small country and it isn't nearly enough.
One wonders why, and yahoo.finance.com offers an explanation "Over the past few days, Finance Minister Evangelos Venizelos has issued a series of pledges to accelerate delayed reforms meant to cut the cost and size of the public sector, and raised the prospect of firing up to 20,000 public servants -- which would break a major taboo in a country where state employees have guaranteed jobs for life."
So $300-BILLION has already been flushed down the toilet as reforms are being "delayed," but there really isn't a problem here says the European politicians. And I'm sure things are going great in Italy, and Portugal, and Spain, and Ireland too - just ask a politician.
Oh but don't worry; although your 401Ks are being held hostage by the global banking mafia's horrible lending decisions, the politicians got your back. Kind of. They will do whatever it takes to protect the banking mafia with the retort "Do you have money in stocks!? Well, we're trying to shield that by protecting the banksters."
The reality of it is: politicians are screwing you either way because your equity positions will be worth less, inflation will be higher, and the banking mafia will once again - shamelessly, mind you - engorge themselves on record bonuses.
Then again, maybe they can pull off a miracle after all with Operation Sweep under the Rug. This Friday president Obama is sending the Secretary of the Treasury to Germany to offer advice. My guess is that Tax-Cheatin-Timmy has some guidance as how to hide liabilities - you know, like he did - before the president of the United States hired him.
I'm so sick of this BS and how GLOBAL leaders have used their own treatises, Constitutions, and other notions of "free markets" as toilet paper that I doubt I'll write about it again - until something actually happens like a Greek default.
Trade Date: 9/13/11
E-Mini S&P Trades*
(before fees and commissions):
E-Mini S&P Trades*
(before fees and commissions):
1. Pivot sell @ 9:09am at 1167.25 = +1.25 & +1.00 (2 lots)
2. FT sell @ 9:46am at 1162.50 = b/e & +1.00 (2 lots)
3. Algorithm positions (12)
4. "Reading the Tape" positions (6) ...combined Secret's, Algo, & "Reading the Tape" total...+13.25
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