Posted on 02/09/2010 6:57:13 AM PST by blam
Dow Surges Tripe Digits As Greek Market Explodes Higher
Joe Weisenthal
Feb. 9, 2010, 9:41 AM
Last week we joked that the Shanghai Index was the index to watch.
Actually, what you should be watching is the Athens Index. The Dow is up triple digits on the open, because Athens just did a huge move.
Why? There's no actual news, just a major sentiment swing and a belief that some kind of bailout must be at hand
(Excerpt) Read more at businessinsider.com ...
Tripe is an appropriate word.
Oopah!
How are pork bellies doin’?
Nice to see sound business fundamentals are driving the paper chase...er, I mean market.
Nice to see sound business fundamentals are driving the paper chase
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The Greek markets are up for no known reason. Clearly, any rational person would buy American tech companies!
Doesn’t make sense. Why would there be a surge in Athens? Something’s fishy. It’s all smoke and mirrors.
I figured Obama's Plunge Protection Team was snowed out yesterday....and, they made it into work today
I think there may be more “snow” in the WH than outside.
Stock-Markets / Market Manipulation
Feb 09, 2010 - 02:11 AM
By: Graham Summers
Many investors have written in asking me what happened on Friday. For those of you who weren’t watching the tape, stocks entered a free fall around 1PM Eastern Time. It looked like we were going to get another massive drop similar to the one that occurred at Thursday’s open.
However, suddenly at 2PM stocks began to stage a sharp reversal with virtually every major US index ramping over 1% in a matter of minutes. Having collapsed for days, stocks actually managed to close Friday at a gain.
There are a few explanations for this.
First and foremost, a number of rumors came out Friday afternoon concerning a potential Greece bailout either from the European Central Bank or the G7 Government meeting.
Given the massive amount of moral hazard/ market props that have occurred since the Financial Crisis began in 2007, traders assumed Greece would be bailed out rather than default. Consequently, even rumors of a bailout were enough put a temporary floor under the market collapse.
[snip]
Yeah, no joke. The market is short term oversold. That’s all.
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Love those tripe digits.
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