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***Citi Which Battens Down The Hatches, Prepares For Global Risk Offness In A Few Short Hours***

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User ID: 1136725
United States
08/07/2011 11:48 AM
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***Citi Which Battens Down The Hatches, Prepares For Global Risk Offness In A Few Short Hours***
Citi's head FX guy Steven Englander is barely back to the US, and already he is pouring the daily does of fire and brimstone (much deserved) into what is a market that after nearly 2.5 years of record complicity is about to realize that every escalator action has an equal and opposite express elevator reaction. Some key soundbites from his just released note on what to expect (spoiler alert: nothing good): "The accelerated timing is a surprise and comes at a point at which global market sentiment is extremely weak, so it seems more likely that the reaction in markets will be negative than positive" ..."there may be concern in FX markets that the EUR AAAs are not solid, given the political and economic issues facing the euro zone and how conditions have worsened since the agencies last commented on ratings"..."a downward shock to markets is likely to be USD positive in the near term. This is hardly USD positive once things settle down, but before they settle down, the short term will likely dominate the long-term"..."The odds are that the week will start with FX investors challenging the SNB and MoF to intervene in size"... most importantly, why Europe is sweating bullets after the last bailout attempt announced from Friday has now gone up in flames and the EFSF is seen as being on edge of functionality: "In terms of FX market impact, the biggest would come from a downgrade of one of the AAA eurozone countries who back the EFSF’s AAA rating. This would mean either dropping the EFSF AAA or increasing the contributions of the remaining AAA."and on the topic of everyone's most favorite Federal Reserve: "A Fed response is likely to emerge only if there is turmoil in markets." And here we were warning anyone who cared to listen that the Fed needs a 25% correction before QE3 comes. Well, you may just get it very soon.

[link to www.zerohedge.com]

“The bravest are surely those who have the clearest vision of what is before them, glory and danger alike, and yet notwithstanding, go out to meet it.”

Isaiah 43:2
When you pass through the waters, I will be with you; and when you pass through the rivers, they will not sweep over you. When you walk through the fire, you will not be burned; the flames will not set you ablaze.

Ecclesiastes 12:14
For God shall bring every work into judgment, with every secret thing, whether it be good, or whether it be evil. ~9/11 Was An Inside Job!

User ID: 862727
United States
08/07/2011 12:11 PM

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Re: ***Citi Which Battens Down The Hatches, Prepares For Global Risk Offness In A Few Short Hours***


We're dropping truth bombs like it's the end of days!