20th Sep Late - Risk on as nobody went bust last night

Joke of the day: Italy Rejects S.&.P. Downgrade – NYT

Quote of the day: “Just as in approximately 250 of the previous 262 days of this year, the world’s least-sexy soap opera continues to mesmerize the market.” – MarketBeat / WSJ

EURO CRISIS

Saxobank’s Jakobsen paints some scenarios. Either the North leaves, or the South leaves. North leaving would be better.

** Point of No Return: Will it be Japanization, Monetization, or Crisis 2.0? – Mish’s

Short view from Rennaissance Capital: Eurocrats have tried to stop the price slides by intervention and bans, but markets have simply moved to other instruments.

** A slippery slope – Buttonwood’s / The Economist

EFSF plans might be scrapped if the core countries believe their credit ratings are in danger

** What if we get further Credit Downgrades? – the trader

Italy Rejects S.&.P. Downgrade – NYT

Greece

“The Greeks are playing "chicken". If the situation wasn't so serious it would be amusing.“

** The game of chicken begins – Humble Student of The Markets

Partial or full default? Return to drachma or stay in euro?

** Greece Nears the Precipice, Raising Fear – NYT

“A lot of times the dread of ending it is worse than the act itself or the aftermath.”

Greece: Just Do It – The Reformed Broker

   

Greece’s rehabilitation cannot be guaranteed

The last chance saloon – BNY Mellon

15 demands from the IMF/ECB/EU Troika which could be the Greek Default trigger – Joe Lynam / BBC

On the referendum, useless chatter

Democracy Will Yet Dictate the Euro – The Source / WSJ

OTHER

Sell crap (euro banks, China property, financials and cyclicals everywhere), sell liquid hedges and carry positions, then sell core conviction (Asia, U.S. tech stocks, but only after there is a full-blown systemic crisis and funding squeeze)  

** On The Therapist's Couch – Macro Man

Op-ed calls for further easing, quantitative easing

No Extra Credit – NYT

Stocks getting cheap relative to gold

A REALLY Long-Term Look At Stocks Vs. Gold – Business Insider

Due diligence of algos

algo city – the research puzzle