Skip to comments.MARKET CRATERS (DJIA -279) ON MOUNTAIN OF HORRIBLE NEWS: Here's What You Need To Know
Posted on 06/01/2011 2:46:20 PM PDT by blam
MARKET CRATERS ON MOUNTAIN OF HORRIBLE NEWS: Here's What You Need To Know
Jun. 1, 2011, 4:00 PM
Finally. The market craters.
But first, the scoreboard:
S&P 500: -29.97
And now the top stories:
* The easiest place to start, when describing what happened today, is by pointing out that economic data has been weakening for sometime, but the market has really been holding up just fine. Everyone's been wondering: When will that give? That may have begun today
* Because it was PMI day around the world, there was quite simply, a huge pile of news. Chinese PMI was below expectations. Aussie GDP was below expectations. PMIs across the Eurozone were consistently disappointing. The biggest sore spot, the UK, was a total debacle, as a double dip seems now all but confirmed.
* After a decent start to markets, everything turned negative in anticipation of data from the US.
* And the data in the US did not disappoint the doomsayers. The ADP jobs report was a disaster, which is very inauspicious for Friday's Non-Farm Payrolls report. Later on the ISM clocked in with a sizable whiff, though everyone seemed to know the whiff was coming.
* Suddenly everyone was screaming QE3! Gold soared. Stocks tanked, signalling the belief that even if the Fed were inclined to do more easing, all the water has been squeezed from the stone, and that it would be purely inflationary without any benefit.
(Excerpt) Read more at businessinsider.com ...
Watch: Blaming it all on Republicans who voted down raising the debt ceiling in 5...4...3...2...1
All I need to know is that Obama is in the White House. We are Doomed.
Buy Greek bonds! Look at the return on them!/s
Doesn’t the Insider usually shill for the Regime?
I wonder why silver tumbled downward around 3-4pm EDT?
Profit taking. Soon it will be going back up. The news does not mater. They have the stock market all under control.
Why the market is above 6,000 is beyond me. Well sorta...
I’m sure it’s related to individual stocks (the DOW 30) and not the actual health of Wall Street or the economy. Still, 12,500? Whackadoo.
At times the metals can tank because it looks like industrial need may be extremely weak. I have noticed that silver is somewhat detached from gold lately. It’s strange traditionally for me to see them go in different directions, but then I’m not watching the market all the time either.
You must be doing something right. My stocks rose 1.5% net
Well, I’m sure that’s part of it.
No problem for gold today.
Today, reality must have sunk in.
There will certainly be more QE. The governments not going to shrink willingly. Only the climax of the default will do that. The slide will probably be long, slow and very deep.
One World Currency......it will save us all.
I've been preparing for quite some time, but its still disturbing to stare this in the face.
The TBTF banks have enough reserves stockpiled (a few trillion) at this point thanks to Ben exchanging taxpayer dollars at 0% for toxic assets marked up at full value. Ben lets the market tank for two reasons: 1) Oil prices are crushing the middle class before an upcoming election, which is bad for keeping the career politicians in place to keep rubber stamping the ponzi scam called the FED and 2) Ben is starting to sweat that the FED may not make it out of this mess intact if he keeps blatantly doling out trillions of dollars to the international banking club behind closed doors.
Once the market tanks and oil goes down, Ben fires up the QE3 presses, Wall St. and the TBTF banks snap up everything on the cheap with their reserves and watch them shoot back up due to the FED funded rigged market. Ben avoids any political fallout because he is saving the politicians by saving the market (this is the same leverage they used to hammer out TARP against overwhelming voter dissent). It is a perpetual ponzi scheme conveyor belt of wealth for the crony capitalists that now are blood sucking us dry. The end game will be when the dollar ceases to be the world reserve currency. But by then, these guys will have moved on, leaving us to pick up the pieces.
Another year, two?