Tuesday, September 13, 2011

European Debt Crisis Becoming Surreal

Things seem to be reaching an inflection point in the ongoing European debt crisis. Zero Hedge earlier today linked to this purported page from a trader's diary:

Dear Diary:

  • 7.00 – 8.00 Mkt rallies on Chinese Buying Italian Bonds – But they weren't!
  • 8.00 – 9.00 Mkt Crashes as Greek Electricity/Tax Office Strikes & therefore default looms.
  • 9.00 – 11.00 Mkt moves sideways to down as BNP in WSJ says that nobody will lend them $’s and nobody likes them. – But then they deny it!
  • 11.30 – 12.30 Mkt rallies like crazy because Sarko; Merkel to make an announcement – except nobody knows what that the annoucment is for.
  • 12.40 – 12.50 Mkt Crashes because they’re not going to make announcement
  • 12.56 Figure out how to explain to a child that ‘yes dear, there’s a lot of clever people who think very hard; make very bright decisions in the stock market business!
Since then even more rumours have begun circulating namely that Brazil will join the bailout party! The UK's telegraph is running a live thread on the debt crisis so we can all stay up-to-date on the latest rumours and retractions which seem to be coming fast and furious.

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