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05-07-2010, 08:59 AM #1
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Dow Plunges 1000 Points; Video of Riots in Greece; Dollar Me
Thursday, May 06, 2010
Dow Plunges Nearly 1000 Points; Video of Riots in Greece; Dollar Melt-Up Continues; Treasury Bears Slaughtered
Treasuries and the US dollar both rallied hard today as panic broke out in Greece and equity markets worldwide.
Video of Greek Riots
Greece riots: 100,000 fight against harsh cuts in Athens financial crisis protests
http://www.youtube.com/watch?v=rshdJZru ... r_embedded
That video is from yesterday. Tensions rose again today.
At one point the S&P futures fell all the way to 1056 from an opening at 1163. I have seen these kind of days close green, but the treasury market sure isn't buying this rally.
Yield Curve as of 2010-05-06 3:15PM EST
Bullish Flattening of Yield Curve
That chart shows a bullish flattening of the yield curve as I expected. Those expecting a bearish flattening (yields rising) got their clocks cleaned today as treasury bears were slaughtered.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot. ... eo-of.htmlJoin our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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05-07-2010, 10:19 AM #2
Greece is the "fall guy" in this. It is such a small economy compared to the US and their debt ratio is very high but so is ours. Portugal, Spain, Italy and Ireland are right behind Greece's footsteps.
Furthermore, Goldman Sachs helped Greece mask their debt while making big profits. So when it comes down to it Wall Street and our own lack of regulations brought this "world" crisis. I wouldn't blame the Greeks, I would look in the mirror first.
Anyway, wonder what will happen to all the illegals in Greece now that the economy is so bad. They have a big problem there so if the jobs are few what is to become of them? Same would hold true for other european countries a situation similar to ours here.
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