8/7 Asian & U.S. Deathburger Discussion starts here at 4 p.m. ET

By John Galt
August 6, 2011

Needless to say this will be a very busy thread as the moment the FOREX markets open right through the Asian nightmare an futures….

AUGUST 7, 2011 16:05 ET-(charts from NetDania.com)

And they’re off….

Dollar down immediately against the Yen but stabilizing at 77.90.

Against CHF wow, down over 1.60%:

AUGUST 7, 2011 16:11 ET -

EUR/CHF blowing up also down 0.87% but waiting for ECB press conference:

08.07.11 – 16:28 ET -

EUR/USD HITTING HARD…NOW AT 1.44 RISING ON SPECULATION OF ITALY/SPAIN BAILOUT BUT NOT AGAINST SWISS FRANC….

08.07.11 16:34 ET -

From Reuters:

ECB to intervene decisively on markets: source

And if it is bond buying I’ll have foam coming out of my nose from laughing so hard. How has that worked for the Fed since 2009 again?

08.07.11 16:45 ET -

Euro is suddenly surging. Insiders have the skinny. Italy and Spain might have convinced Merkel to install a Federal Reserve shared copy of TurboPrint 2010 at the ECB:

08.07.11 16:52 ET -

And the news keeps coming, via Arab News/AP (click on the title to read article in full):

Iran’s oil minister wants foreign oil companies out

08.07.11 1658 ET -

Breaking news from Reuters, please don’t laugh as hard as I did:

ECB to buy Italian, Spanish bonds to stop contagion

 08.07.11  1702 ET -

And the Euro promptly surges on the idea of debt monetization which is strictly forbidden in the EU charter. Hilarious. Wait until the idiots figure out that means monetization to infinity…

 08.07.11 1705 ET -

(in case you’re not following my main page):

PRESS RELEASE

7 August 2011 – Statement by the President of the ECB

1. The Governing Council of the European Central Bank (ECB) welcomes the announcements made by the governments of Italy and Spain concerning new measures and reforms in the areas of fiscal and structural policies. The Governing Council considers a decisive and swift implementation by both governments as essential in order to substantially enhance the competitiveness and flexibility of their economies, and to rapidly reduce public deficits.

2. The Governing Council underlines the importance of the commitment of all Heads of State or Government to adhere strictly to the agreed fiscal targets, as reaffirmed at the euro area summit of 21 July 2011. A key element is also the enhancement of the growth potential of the economy.

3. The Governing Council considers essential the prompt implementation of all the decisions taken at the euro area summit. In this perspective, the Governing Council welcomes the joint commitment expressed by Germany and France today.

4. The Governing Council attaches decisive importance to the declaration of the Heads of State or Government of the euro area in the inflexible determination to fully honour their own individual sovereign signature as a key element in ensuring financial stability in the euro area as a whole.

5. It equally considers fundamental that governments stand ready to activate the European Financial Stability Facility (EFSF) in the secondary market, on the basis of an ECB analysis recognising the existence of exceptional financial market circumstances and risks to financial stability, once the EFSF is operational.

6. It is on the basis of the above assessments that the ECB will actively implement its Securities Markets Programme. This programme has been designed to help restoring a better transmission of our monetary policy decisions – taking account of dysfunctional market segments – and therefore to ensure price stability in the euro area.

08.07.11 17:44 ET -

New Zealand opens in 16 minutes. Should get interesting. Already seeing fade in Euro strength as people realize what the phrase “debt monetization” actually means.

Good read in the Monday FT and online:

US of AA-plus

(Registration required)

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 08.07.11 18:02 ET -

GOLD UP $27 ON THE OPEN, NOW UP $26.70…MOVING FAST…

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08.07.11 18:14 ET -

S&P Futures down over 31 on huge gap down opening (ES on CME)…this is going to be BRUTAL:

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08.07.11  18:30 ET -

From FINVIZ.com, no comments are necessary:

 08.07.11  18:35 ET -

Dinner is over, the ribs delicious, now it’s time to hunker down as everyone is live tonight following my lead (snicker) on television and radio it would appear.

Copycats.

08.07.11  19:30 ET -

Now that one of the kittens is done barfing all over the house, I can focus on the other disaster.

New Zealand Market is a nightmare where I can not even access the charts on their website:

08.07.11 19:32 ET -

Per Bloomberg TV – Japanese Finance Minister Noda says G-7 committed to providing liquidity to markets as needed.

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08.07.11  19:47 ET -

While we wait for the opening of Australia and Japan, this story from Nikkei.com is an interesting perspective and warning:

Stock Outlook: Nikkei May Fall To 9,000 On U.S. Treasury Downgrade

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08.07.11 22:30 ET -

I’m finally done with radio tonight and whipped. But the Asian market update (From Yahoo Financial) indicates the selling is accelerating.

Oops, get the G7PPT to buy, buy, buy!

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08.07.11 23:25 ET -

Final update with an alarming snapshot of the Hang Seng. See you bright and early with more bad news around 0500 ET….