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Everyone is focused on, "What was the trading error or computer snafu that plunged the DOW Thursday"?
Come on, that is an MSM-Pentagon-Illuminati smoke-screen, people.
The real news story is WHY oh WHY did the world financial markets have a MASSIVE shift toward bearish sentiment at the end of this week?
In two days, the DOW dropped about 500 points.
The 10-year UST-bond yield plummeted from 3.70 to 3.43, THAT IS AN INSANELY HUGE AND RARE trading movement.
A barrel of oil plummeted down to $75 from $80.
Gold popped about $100 an ounce!
WHAT HAS CHANGED? Don't tell me it's the Greece thing, either. The very rich and powerful at the top obviously caught whiff of some kind of very, very bad news.
Well, I hope they tell us peons the bad news, too. But I suspect we'll know what it is before too long, and the really short version of the story is gonna run something just like, "Ooops, we're all really f(*#$k'd!"
I do think that what is happening in Greece is the canary in the mine. It's not just Greece that has problems. Also the Greeks didn't suck up and just take it like Latvia did. Iceland said no to the bank payback as well.
Maybe TPTB are seeing that the little guy is finally fed up enough and won't take anymore.
There is also a point at which no more money can be printed to cover debts and continued spending.
I do think that what is happening in Greece is the canary in the mine. It's not just Greece that has problems. Also the Greeks didn't suck up and just take it like Latvia did. Iceland said no to the bank payback as well.
Maybe TPTB are seeing that the little guy is finally fed up enough and won't take anymore.
There is also a point at which no more money can be printed to cover debts and continued spending.
We may be at the breaking point..may.
Americans don't seem to understand that as long as the IMF helps to bail-out Greece that it is OUR tax dollars funding their huge mistakes in Socialist & union based entitlement spending. It is not just a "euro" thing.
Agreed, it is the canary in the coal mine. We are headed toward a similar future with this generation of Progressive politicians in the US.
I'm 31, I see no reason to invest long term in an index like S&P 500. At least not for the short term. So far, I haven't lost any sleep (or any money) with that strategy.
I think it'll be at least 3-5 years before you get a good entry point. Probably when gold is $2,000 or $2,500 an ounce and spiking higher, that might be the time to buy. And even Maria Bartiromo isn't selling books about stocks anymore.
Greece is at the outer fringes of the problem. It's like when real estate collapsed here in the US, the problems started in the outer fringe areas, and eventually moved to the center (california, nevada, florida, etc). How many computer "glitches" are we going to have when the world finds out the US has problems?
The real news story is WHY oh WHY did the world financial markets have a MASSIVE shift toward bearish sentiment at the end of this week?
In two days, the DOW dropped about 500 points.
The 10-year UST-bond yield plummeted from 3.70 to 3.43, THAT IS AN INSANELY HUGE AND RARE trading movement.
A barrel of oil plummeted down to $75 from $80.
Gold popped about $100 an ounce!
Guys, it looks like that fumble-fingered trader at Waddell is still screwing up the world markets with his super-stoned, post-glue-sniffing-session keyboard mistakes.
I fully expect all the major media to discuss this crazy trader messin' up all the world's financial markets again for at least the next few weeks 24/7.
I sure hope they FIRE that crazy loon and put him out on his a$$. Then all the markets will boom again and we can party. What a hoot it will be, too! How hard can it be to identify one clumsy, fat-fingered incompetent trader and GET RID OF HIM so this worldwide recession will finally be over?? Jeez!
As of now though, look at what his fumble-finger shenanigans have resulted in:
DOW now down 693 since May 5.
10-yr Treas now down to 3.24 from 3.70+-.
OIL down to $67 from $80.
GOLD dipped back below $1,200. (Bucking the trend, hmmm.)
Let me be the first to say, just find that stupid trader and KILL HIM. We can't afford any more of this.
I saw on the news that the Dems want to legislate against any further market plunges.
Hooray. Leave it to our elected representatives to save the world!
Typically if people are expecting a crumbling of the economy gold and commodities would be going up, yet they are not.
This just seems like a general "I'm scared" selloff more than anything
with all that is going on in the world at the moment, the news is nonetheless very focused on upcoming american elections right now. perhaps the markets are concerned that the political will (you might call it tolerance) to continue debasing the currency is waning, and that we will succumb to deflation.
Today they flocked to Treasuries and Europe fled to the Swiss banks.
Confidence in the money system is failing and doubted.
Confidence in gold is suspect with talk of non-delivery, more gold sold than there is available and tungsten bars being passed off as gold.
Institutionals have been selling off for the last couple of weeks..they sold into the strength as more people jumped into the market "so they wouldn't miss out".
That Thursday fluke still has not been fully explained and the circuit breakers didn't kick in because they were played AROUND them. After 2:30 there has to be a 20% drop for trading to halt..10% before 2:30. Very convenient it happened at 2:40pm.
There's BS going on...collusion on a grand scale if you will.
Some of the excuses are so lame. It's like we've fallen down the rabbit hole and anything the MSM says is taken as truth. A fat fingered trader ?????
Call me a conspiracy nut..but all is NOT well in the markets these days and it's not just panic and lose of confidence because I read that there's trillions in 401K's still sitting on the sidelines and NOT invested in the markets.
The markets in Asia Pacific are down like crazy. Not that I'm complaining. But rather scary that every time it triggers off a few of my puts. It is a no brainer. Waiting to see how our markets are doing in a few more hours.
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