So I went to sleep around 4:10am to Dow futures up 150. I woke up at 6:10am to them down more than 110. The news is, as you already know, the Swiss bank removed the “Swiss ceiling” and “Euro floor”, paving the way for an incredible one day +15%+ move in CHF vs Euro. As a result of this, the Swiss market is down more than 12%, the largest decline since 1989.
Everyone wants in on the Swiss Franc and people are selling euros every which way but loose. This is NOT a fucking reason to sell stocks. You’d have to possess the thinking capacity of a horse to view this as a negative for stocks. Who gives a shit, really? The Swiss bank couldn’t keep up the charade any longer, with their artificial pegging to the euro.
Why?
Because the ECB is going to announce and begin massive QE next week. If they permitted this peg to stand, they’d need to bag hold euros on an epic scale. So, they figured now was the time to end the stupidity and the market is responding in kind.
I view this market response with the same demeanor as a serial killer would view his next target. I have nothing but unadulterated disdain for all parties involved. I want them to perish in fires, crushed under elevators, dropped down manholes. This dip will be bought, or NOT! It’s not like the +150 market open was gonna stick anyway, right?
We are living in very interesting times. America shall thrive off this news and punch our european counterparts in the fucking face, many times over.
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The idea has been that Draghi QE is going to disappoint. Been talked about for so long, can’t live up to the hype, buy rumour sell news, etc… The SNB just made it clear that Draghi QE is going to surprise to the upside, imo.
I remember a blog you did a while ago when ES futures were down 25 or so pre market open, only to see ES end the day +40 or something. The title was something like Futures Traders Are Idiots. Can’t find it, but might be worth a repost.
Agreed, the SNB was doing some insider trading, ECB QE is a given, just the size of it will be the question.
sactly Fly, the swiss dwarfs read the tea leaves and figured they weren’t going accumulate more QE’d euros.
this is actually a bullish sign for stocks as it sends a signal the euroweenies are going QE
I agree.
Time for the Fazmobile ?
Banks all missing and someone has been selling protection on the oil and CHF
Bodies to surface soon
I’ll add to my NSRGY position, if it stays down at the open.
a retest of 1900 on the SPX seems given
Fly, do you have any special foods you eat to help you maintain your energy levels with so little sleep? Any tips on foods that can help with this?
http://nuvigil.com/
coffee, french roast, black.
I personally love to eat BBRY’s for breakfast. I love strawBBRY’s and blueBBRY’s especially.
UWTI?
Fly, do you take creatine?
VIX:VXV above 1.0, which has historically led to a rally…
http://stockcharts.com/h-sc/ui?s=$VIX:$VXV&p=D&yr=0&mn=6&dy=0&id=p62583267204
‘Special hell’…love the firefly reference.
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