wrote this last week, anyone with half a brain could see italy bonds were going to get chit on..... no matter how foggy bulltards make reality seem, nothing has changed, and its only going to get worse IMO-->>>
uranium-pinto-beans
Tuesday, November 01, 2011 8:51:57 AM
The fact that they basically nullified the effectiveness of CDS has as much to do with the soaring rates on bonds as the fact that these countries are going to need a bailout!! the worst consequence of the "bailout" is the 50% haircut on greek bonds which was "volunatry" and did not trigger a Credit event!! since ITALY is in a similar boat as Greece why would any bond holder there hand onto their bonds knowing a 50% haircut is possible and their CDS protection is irrelevant!!! once gain when gov't meedle in the market NOTHING good comes out of it!!
uranium-pinto-beans
Tuesday, November 01, 2011 12:56:49 PM
Re: toronto416
REMEMBER we hit SPY $107.43 based on Europe uncertainty and us recession fears!!!! IT WORSE RIGHT NOW than it was THEN!! now instead of just greece, portugal, ireland, the market is saying Italy , its eventually going to reach Germany and France....the whole euro region is f*cked. MF just went under, whose the next one??? MS down 9% today!!! who else made outrageously risky bets that are blowing up in their faces????
who is going to buy bonds in europe if they won't honor CDS when the countries default??? the gov't hands in all this has nothing but delay the inevitable IMO!! and the more can kicking they've done the worse the outcome!!
play the bounce because it will come, and we will have our up days to go with these huge down days, but I think my SPY $105 price is comin a lot sooner than later
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