Here you go, AA...
Posted: Thu Jun 18, 2009 3:03 pm
The Back Alley Archives
Read-only, these are the remains of a once-mighty novelty sports message board
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Here you go, AA...
https://alligatorunderground.com/backalley/viewtopic.php?t=6744
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Here you go, AA...
Posted: Thu Jun 18, 2009 3:16 pm
TPTB will push down the equities market to ensure a respectable auction next week. In fact, Ben already drained about $50 billion in system liquidity today by only rolling about half of his slosh fund....this is the same move, albeit not as significant, that Ben made last September that crashed the market.
Here you go, AA...
Posted: Thu Jun 18, 2009 3:50 pm
Ben's $125B liquidity drain from last september when he intentionally crashed the market:
And his $53B+ liquidity drain from today that's obviously meant to push down equities and reignite the fear trade's push into treasuries ahead of next week's record auctions:
And his $53B+ liquidity drain from today that's obviously meant to push down equities and reignite the fear trade's push into treasuries ahead of next week's record auctions:
Here you go, AA...
Posted: Thu Jun 18, 2009 3:52 pm
Denninger's on top of it:
http://market-ticker.denninger.net/archives/1134-Who-Are-They-Trying-To-Fool-TNX.htmlI mean, c'mon, $165 billion in Treasuries for sale in the next week?
$31 billion in 3-month bills
$27 billion in 7-year notes
$40 billion in 2-year notes
$37 billion in 5-year notes
$30 billion in 6-month bills
Annualized this is $8.58 trillion dollars!
Now obviously they won't keep doing that for the next 52 weeks (one hopes) but you have to be smoking something if you think the market can continue to absorb this sort of supply and shrug it off.
Today the TNX was up over 5%, undoubtedly on this announcement, almost erasing the benefit from the recent stock market decline.
So Ben's liquidity games have bought him about 15 basis points of improvement in the TNX, but he's given up 35 handles on the SPX.
At this rate to get the TNX down to 3% he'll have to sacrifice 230 points on the SPX, taking it down to about the March lows.
Rock, meet hard place.
I told you so.
To the government: Stop spending or the TNX will continue to ramp and you will be forced to crash the market outright to keep mortgage rates from going to 8%.