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Originally posted by GreenBicMan
reply to post by Cabaret Voltaire
What did you avg down to in BGZ?
Buffett Says Economy Showing 'Significant' Signs Of Life
"American business is improving, from everything I see now," he said. "At what rate unemployment will fall, I don't know, but it will fall."
Originally posted by xxshadowfaxx
markets are booming today. for months now, I have expected it to drop for more than one day in a row. This really hasn't happened. Whenever the market drops, the very next day it makes up for that, and gains some more. So what the hell? It doesn't seem like there is any bad news possible, that would stop the markets. It doesn't make sense.
Pearls Before Swine, Tuesday, May 4, 2010
Now that Greece is thoroughly irrelevant, the market just told the ECB, the IMF, and the EMU to prepare another $1 trillion in bailout packages. The reason: the Greek bailout just made it abundantly clear the bond vigilantes have free reign to call the bureaucrats' bluff whenever they see fit. The result: CDS of all non Greek PIIGS are now blowing out, and represent the top 4 names of all biggest CDS wideners for the day, each pushing a 10%+ change from yesterday. This movement wider will not stop until the IMF resolves to backstop all the PIIS ex. G. At this point nothing that happens in Greece is important (although the thing that will most likely happen is that the Greek government will fall imminently, killing the austerity package and destroying whatever credibility the EMU and the EU have left, but not before the IMF and the EU soak up another 110 billion euro in their slush funds ). As we expected, the euro is about to breach 1.31 support. At that point, not even the US algos and the Liberty 33 traders will be able to prevent the contagion. And adding insult to injury is the latest rumor of an upcoming downgrade or very cautious language of Germany by the suddenly hyperactive rating agencies. When that occurs, you can kiss Europe goodbye.