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The official "ASX is tanking!" panic thread

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Are those who were short term bullish last week still feeling the same way??

Looks like a 3rd day of falls coming tomorrow...
 
LOL at the Greek PM saying: "screw it let them vote on it". Bet Merkel and Sarkozy were happy to hear that news.
 
So the Greek prime minister deciding to go to a referendum, to me appears to completely unravel the most recent European band-aiding exercise. As far as I can see the most recent European fix is now a mess. How can the IMF or the EFSF hand over any money to Greece until this referendum is held? The referendum is going to bring people back onto the streets again and there will be widespread unrest again. This will also send Italy to the brink. It's bond yields are going to go through the roof over the next few weeks.

I wonder what the Greek PM is trying to achieve? Does he want Greece to secede from the Eurozone?

My technical analysis of the market is that we would see a bit of a pull back over a week or two then have a nice rally into January. Now, all bets are off. This could be the start of something bad. We might be seeing another rate cut in December.
 
Interesting to see what the EU does about this "referendum." Can they block it? Can they make the threat to Greece that there are two alternatives: "referendum and no debt deal" or "no referendum and debt deal"? They cannot afford for this debt deal to not go through. Greece almost has the power to force their hand since they know this could potentially cause the house of cards to fall without the bailout. I would say that this is Greece's political play to demand more funds - "give us a bigger bailout and we will cancel the referendum."
 
Greece has probably come to the realisation that if the Euro members are prepared to take a 50% haircut, then they can take a 100% haircut. Greece to default, bring back their Drachma, peg the drachma to the euro and tough it out.
 
nulla nulla said:
Greece has probably come to the realisation that if the Euro members are prepared to take a 50% haircut, then they can take a 100% haircut. Greece to default, bring back their Drachma, peg the drachma to the euro and tough it out.
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You might have somefink there in that reasoning, nulla nulla. France & Germany gambled that Greece would be bluffed into total acceptance with their "50% debt haircut bet". Now the weak kneed FrancoGerman coalition have played their Joker and shown their hand for what it is worth, who could really blame the the Greeks for pulling a double bluff? LOL. Something now along the lines of ....

"I'll see your 50% haircut and bluff you with a Referendum threat to raise it to 75% haircut" - then, after Germany & France relent again,

"I'll see your 75% haircut and bluff you with ANOTHER Referendum threat to raise it to 100% haircut or NO DEAL"

Hmmm. Things are getting interesting at last.....

Speaking of "tanks", I see France, Greece & Cyprus were down 7-8% last night.... and we worry about the ASX down 1-2%? what a larf....
 
Personally I think the ASX is 'tanking' because Kim Kardashian filed for divorce. How will the world recover from this.
 
kavla1970 said:
Personally I think the ASX is 'tanking' because Kim Kardashian filed for divorce. How will the world recover from this.
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No way. The whole world went into chaos because the Australian reserve bank lowered interest rates by .25 points. It's obvious. We have the worlds greatest treasurer.

On a less significant note.
It's great that the world can now focus on a Greek poll which will be rather comical.
At least we can forget about the even less significant Italian Bond issue, until the joke is over.
Confucius say- "It's better to be voted for or against than lynched!"
 


I smell a set up for The Greek people. The Government has has changed the head of the army and other divisions. Look like a Military Coup is coming.......

I also saw this posting and found it interesting:

http://www.youtube.com/watch?v=kJCHHiQ22GM&feature=related
 
Absolutely nothing to worry about IMO

The Greek Parliament needs to pass a vote to allow a Referendum. Last night the socialist part withdrew from Papandreous's coalition reducing his majority to 152 out of 300 seats.

If another one or two candidates leave the party or cross the floor during the vote then the referendum will not happen.

The Papandreous government will be lucky to last a week.
 

I think the referendum is a bad move, To me it's like asking the kids to vote if they should go to school or not.
 
Just a quick word of warning to traders today from my own perspective in FX land...

Seeing very ugly and strange things in forex markets during Tokyo hours today. I think liquidity is much lower than it appears, but demand for size is actually very very high so every time a trade is committed the prices move crazy.

Personally after my watching my first trade of the day fill and watching my exit get filled, I took my 10 ticks of profit and called it a day.

This is not a regular market and the potential to get creamed is high if you are using leverage.
 
Tysonboss1 said:
I think the referendum is a bad move, To me it's like asking the kids to vote if they should go to school or not.
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Not according to the Daily Pap...

http://www.bloomberg.com/news/2011-11-02/referendum-will-confirm-greece-in-euro-papandreou.html

I want some of what he is obviously on. Some sort of mind-bending substance?

LOL
 
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