ECB - Big Week coming up

[imoldernu]

http://www.nytimes.com/2012/07/30/business/global/showtime-for-draghi-at-european-central-bank-meeting.html?hp
Thursday, Aug 2nd, Mario Draghi is set to announce the strategy to save the Euro, and perhaps the world financial balance.

More here:

charles hugh smith-Bernanke and Draghi Are Dangerous

The last paragraph:

Let's enjoy the central-bank inspired market rally while it lasts. It comes at an unbearable cost that will have to be paid some day, and perhaps not as far in the future as the worshippers of the Federal Reserve believe.

The past week was up... Charles Hugh Smith has been looking for the big downturn, led by the Euromarket. Every tipping point has been offset by another kick of the can, and electronic trading has helped create the upsy downsy charts. Topped by "the dome".

http://www.oftwominds.com/blogjuly12/this-is-the-top7-12.html

Not a time for the faint of heart.

 

[MichaelB]

The faint of heart can always find something to be fearful of and can count on any number of commentators to tell them exactly why crisis is imminent.

 

[imoldernu]

Michael... you're quick on the uptake.

Was about to add this follow up by Ty Durden.
Biggest EPS Miss Since Lehman, And This Time It's Not The Tsunami's Fault | ZeroHedge

Yes, we know it doesn't matter because Ben & Mario have got our backs at whatever multiple is required to levitate the economy market, but as Citi's credit desk points out; despite the constant chatter about EPS beats (despite top-line misses), the trick is that analysts have been dragging down expectations since the earnings-cycle began and so judging 'misses' must be done against a 'frozen' pre-earnings number. If we do this 'fair' approach to considering expectations, the percentage miss in the S&P 500's EPS for Q2 2012 is as bad as the Q2/Q3 2011 Tsunami-driven miss - and the worst we have seen since Lehman Brothers shuffled off this mortal coil. So as usual, be careful what truth you believe and consider just how much more 'hope' is now in this market given this reality.

Based on the past 9 months... this would be another "wolf" call...
Dunno... right now, am happy to be out of the market. Most of my friends are pretty happy, as their portfolios are almost back to 2008 levels. From August 2008 to May 2009 was not a pleasant period, and Europe wasn't even on the horizon then.

lunesta

 

[MichaelB]

Dunno... right now, am happy to be out of the market. Most of my friends are pretty happy, as their portfolios are almost back to 2008 levels.

So, everyone is happy then? Great!

 

[rescueme]

Most of my friends are pretty happy, as their portfolios are almost back to 2008 levels.

Gee, what took them so long?

 

[brewer12345]

Michael... you're quick on the uptake.

Was about to add this follow up by Ty Durden.
Biggest EPS Miss Since Lehman, And This Time It's Not The Tsunami's Fault | ZeroHedge

Um, you do know where the name Tyler Durdan came from, right?

 

[MichaelB]

Um, you do know where the name Tyler Durdan came from, right?

Ty to his friends...

 

[imoldernu]

Um, you do know where the name Tyler Durdan came from, right?

uh... yeah...
Tyler Durden’s Guide To Personal Finance

“We’ve all been raised on television to believe that one day we’d all be millionaires, and movie gods, and rock stars. But we won’t. And we’re slowly learning that fact. And we’re very, very pissed off.”

 

[H2ODude]

uh... yeah...
Tyler Durden’s Guide To Personal Finance

Gotta rent that movie again. Some real gems there!

 

[Notmuchlonger]

Gee, what took them so long?

Wondering the same.

 

[SJ1_]

uh... yeah...
Tyler Durden’s Guide To Personal Finance

Quote:
“We’ve all been raised on television to believe that one day we’d all be millionaires, and movie gods, and rock stars. But we won’t. And we’re slowly learning that fact. And we’re very, very pissed off.”

actually they still live the illusion that money will make them happy while the rich realize that it has nothing to do with being happy so they have to confront
that issue while the poor can blame their problems on money!
I use to watch all of the MTV biographies on Rock stars and it seems over 90 percent of them become drug addicts or alcoholics , so much for being happy

John Stossel did a great show on this subject

The Mystery of Happiness 2 - YouTube

 

[imoldernu]

http://www.nytimes.com/2012/07/30/bu...eeting.html?hp
Thursday, Aug 2nd, Mario Draghi is set to announce the strategy to save the Euro, and perhaps the world financial balance.

So today's the day. Markets , so far , untouched, or higher. Draghi hasn't made statement yet. Financial networks are not pset, but in a state of total confusion. General sense is another kick of the can, 'til either September of November.

A marvelous game of "chicken".

 

[MichaelB]

So today's the day. Markets , so far , untouched, or higher. Draghi hasn't made statement yet. Financial networks are not pset, but in a state of total confusion. General sense is another kick of the can, 'til either September of November.

A marvelous game of "chicken".

What do you expect him to say? Abracadabra, then pull a rabbit from his hat?

 

[imoldernu]

This may have been his last chance to save the euro.

Would have taken some courage, to pressure the ESFS to buy into sovereigns, just by limiting the first payer option/requirement. The ECB has rules about buying into the primary market, but a consolidated plan would have allowed it to selectively buy in the secondary. No wonder none of the members have any confidence.

Beginning to look as if the market may be reacting to the failure, but then it could just be something that Jennifer Lopez said...

 

[MichaelB]

I like reading Josh Brown's blog The Reformed Broker Not for investment advice, just for the colorful commentary and different perspective of financial markets. His two recent posts regarding the Fed and ECB actions
Strategery. | The Reformed Broker
nothingtown | The Reformed Broker