Stated back in Aug 22 2011.
seekingalpha wrote:Someone is going to get left holding the grenade again. And this time, the market is actually telling us that it’s even worse than it was in 2008. The only difference is that the problems appear to be across the pond.
http://seekingalpha.com/...this-is-worse-than-2008
I'm seeing a lot of smoldering ash in euroland CDS. Still on the stock sell side on SocGen, Unicredit, Credit Agricole and Intesa.
And here we have another notification of the 50 day SMA on 94% of the S&P 500 stocks! Mostly banks.
I've also noted that NSE is also above the 50 day SMA on vapour volume in a short span of days and overbought on RSI. Caution especially with those bank stocks!
http://seekingalpha.com/...r-50-day-moving-average
And finally MF Global files for bankruptcy... The catchy phrases...
"Generally, broker-dealers aren’t eligible to file for Chapter 11 bankruptcy, and need to either sell assets, as Bear Stearns Cos. did in 2008 to JPMorgan, or liquidate, as did Lehman Brothers Holdings Inc.’s brokerage unit and Bernard Madoff’s firm. Liquidations are overseen by the Securities Investor Protection Corp. so as to return or replace customer securities. SIPC, created under the Securities Investor Protection Act, insures losses of as much as $500,000 a customer in registered securities."
"Corzine, who helped run Goldman Sachs from 1994 to 1999, had sought to transform MF Global into a midsize investment bank since arriving there in March 2010.
He increased the firm’s risk and used its own money to trade, including investments in European sovereign debt that rattled markets."
And the best comment - "It's amazing that some people will support and stand behind corporations like MF Global , but condemn the OWS protesters."
http://www.bloomberg.com...ection-in-new-york.html
http://www.youtube.com/watch?v=lAmY7Hyup-4$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!