FTMIB (weekly info)new high 16653.55
trend=no
direction=up (2 bars)
high= 16653.55
rev= 13664.91; mid= 15159.23
Odd that Italy's stock market would make a new high last week (but that could be due to the EU "solution"). Considering their 10yr is now greater than 6.00% shouldn't traders be heading for the exits? It's holding above SMA(21). It hasn't made it back to the 38.2% minor retrace.
IBEX (weekly info)new high 9224.40
trend=up
high= 9224.40
rev= 8141.90; mid= 8683.15
Spain's stock market is acting like everything is fine. Yeah right. IT's trying to hold SMA(21) and the monthly 3LB mid. It's above the minor retraces but hasn't made it to any of the main retraces. The weekly MACD (9,15,7) has turned lower.
World Indice Update:
31 comments:
AmenRa,
nice pic, reminds, currently, of MF Global..
though, now, with the 'Story' of ~"missing Client funds..", maybe 'something else was afoot..
~~
from yesterday, late, on AT's thread..
http://www.finviz.com/quote.ashx?t=AZO
~323.59
"slip slidin' away.."
~~~
http://www.finviz.com/quote.ashx?t=HANS&ty=c&ta=1&p=d
P/S 5.20
Hansen Natural Corporation..this puppy is going to 'Crack', as well..
AAIP
Italian 10yr almost at an 8 handle. Ruh roh.
UGLY
Wonder if Barry, the Fuzzmaster2000, is still going to be talking about "breaking out of the range."
That theory gets a vigorous test on the open.
"I have never seen a workplace where employees are respected and feel secure about their future."
neither have I Matthew, not one instance of seeing that since I've been out of school.
You should have worked for me..too late now.
Glorious day in East Tennessee today! I can state that without needing a referendum...
I feel terrible for the traders at MF as well, but I feel nothing for Corzine, and sadly, he'll lose the least in this whole thing I'm sure
as I commented elsewhere yesterday, I'm sure he'll find a way to fail upward
again.....
I could single-handedly write the sequel script to Bad Bosses based entirely on my work experience in my first 4 years after college graduation. The only workplace security I ever witnessed was on the part of the woman bringing sexual harassment claims against our department supervisor -- she was untouchable.
McB,
re: Traders
Denninger had a story that the Traders, clearing through MF, were 'locked out of 'the Pits' -- regardless of, current, Positions..
"...Now we get to see the consequences of the failed regulation with regard to MF Global.
CME and other exchanges have all suspended the firm's clearing capabilities. This resulted in the turnstiles being literally locked for those who were members of the exchange and clearing through MF.
So if you are a floor trader using MF as your clearing firm and went to take a leak, you can't get back on the floor. Whatever positions you might have held at that time cannot be hedged or otherwise managed!
This is going to severely hurt -- and probably bankrupt -- a lot of people through no fault of their own.
Who's fault is it?
Bernanke's, the NY Fed's and Geithner's (Treasury's.)
Why?
Because MF should have never been allowed to carry that much exposure on their book without enforcement action taken by the regulators. The regulators allowed it and the firm is now collapsing.
So be it - those who owned the stock will "get theirs" for their lack of diligence.
But the traders who had no idea what was going on and get reamed as a consequence should be surrounding the NY Fed, The Federal Reserve and Treasury tomorrow morning. They ought to put on their own "Occupy" movement until this clowncar brigade is removed and replaced for rank dereliction of duty...."
http://market-ticker.org/akcs-www?post=196828
AAIP
AZO Who is posting on this name?? Stock is up in this shitstorm.
well sure, we could blame Bernanke, or Geithner
but then , MF simply levered up and it would appear they did so during QE2, so they did exactly what Mr. Wizard wanted everyone to do
but hey, I'm the crazy one here, everyone knows Bernanke is earning a gold star here for his performance in stopping the second great depression and that there are exactly 0 flaws in his economic theories.
on some level given the operations the Fed has been conducting for three years now, talking about their lack of regulation really seems to miss the whole point imo
as in, who regulates the Fed?
on right, nobody!
what was that commercial when I was a kid, something like
parents who use drugs, have children who use drugs
sort of along those lines see?
http://www.finviz.com/quote.ashx?t=AZO&ty=c&ta=1&p=d
~325.41
the opinion is that 'the Uptrend' is done, is beginning to 'roll-over'--with the Idea that it will see a 'downward re-pricing Event'---earnings Report 9 Dec, or, somesuch..
AAIP (ibid.)
"Buy your Puts, early, beat the 'Holiday Rush'.."
"parents who use drugs, have children who use drugs"
Classic.
CrackieB,
with:
"...who regulates the Fed?
oh right, nobody!
what was that commercial when I was a kid, something like
parents who use drugs, have children who use drugs..."
Yes, it is, quite a bit, like that.
ibid.
You guys remember that spot right? We didn't have cable growing up, they played that don't do drugs ad on PBS probably 15 times a day
I bet Corzine remembers too, and if he's speaking to Beard right now he's saying:
I learned it by watching you!
I still keep hearing that since MF Global was small it isn't a Lehman.
.
.
.
.
.
.
.
.
Butterflies are small also.
when you are levered 80:1 small can become big can't it
Greece is "small" too, right?
it's really disgusting the whole thing, the time approximation to 07/08 make it hard to believe someone would be so foolish with leverage and with european debts no less, surely if Corzine hadn't been running NJ into the ground during the RE bubble he'd have been the real Cassano of the subprime debacle
also, all these accounts about how when he was at goldman he wasn't afraid of losing positions because of their analysis
sounds to me like he's a horrible trader if thats a discussed and documented trait,....letting losers run on the basis of your analysis, which couldn't be wrong, but instead the market is wrong....how often does that really work out for people?
Created a couple of new pics. Scroll up.
Is that a Bucky in your pocket, or are you just happy to see me?
We just got power back at work here in Western Mass. Still nothing at home though. Weird storm...
see now, MF really should have taken the other goldman ceo with corzine, that Hank Paulsen guy
after all, he's an avid bird watcher, surely he'd have seen the canary....
EURCHF brok below 1.20 to 1.1987. It's back to 1.2164 now. But the challenge to the peg may have begun.
Looks like gold escaped the mob but silver and oil are still surrounded.
http://www.bloomberg.com/news/2011-11-01/selling-more-insurance-on-shaky-european-debt-raises-risk-for-u-s-banks.html
Selling More CDS on Europe Debt Raises Risk for U.S. Banks
Summary: What if the counterparty cannot pay?
http://www.shibor.org/shibor/web/ShiborJPG_e.jsp
No, the Chinese are not going to bail us out.
http://www.bloomberg.com/news/2011-11-01/china-s-home-prices-fall-for-second-month-amid-housing-curbs-soufun-says.html
"China’s home prices fell for a second month in October as developers started to cut prices to boost sales amid the government’s housing curbs, according to SouFun Holdings Ltd. (SFUN)
Home prices dropped 0.23 percent last month from September when they retreated 0.03 percent, the first in a year, according to SouFun, the nation’s biggest real estate website owner. Prices slid in 58 of 100 cities tracked by the company, including Shanghai and Beijing, it said in an e-mailed statement.
Premier Wen Jiabao said over the weekend the government will “firmly” maintain its control over the property market even as it seeks to “fine tune” other economic policies."
...Just getting started...
BinT
Damn. I forgot all about SHIBOR.
"....
Treadmill to Hell
China is on “a bigger and faster treadmill” than ever as property sales slow, Jim Chanos, president and founder of $6 billion hedge fund Kynikos Associates Ltd., said in a Bloomberg Television interview from Singapore on Oct. 28.
Chanos has forecast since at least February 2010 that the property market will slump, saying that China is Dubai times a thousand and on a “treadmill to hell” because of its reliance on real estate. Property transactions in the past two months in so-called tier one, two and three cities his firm tracks are down 40 percent to 60 percent year on year, said Chanos, who predicts “the property slowdown or worse has started.”
The hedge-fund manager’s views are at odds with those of Stephen Roach, non-executive chairman of Morgan Stanley Asia, who said in New York last week that the government has had some success in deflating a housing bubble and that concerns of a hard landing are “overblown.”
Expect Property Bubble Implosion
I will side with Chanos over Roach. China's property bubble is the largest in the world and it will crash hard. Once again, the bursting of the Chinese property bubble as well as the credit bubble suggests more weakness to come in commodity prices.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
ibid.
(AP:WASHINGTON) About 4 million homeowners who may have been improperly foreclosed upon in 2009 and 2010 are getting an opportunity to have their cases reviewed. Whether they will be reimbursed is up to the same lenders who are accused of moving too swiftly to seize their homes.
The Office of the Comptroller of the Currency said Monday that mortgage services will begin sending out letters this month that ask borrowers if they want their case reviewed.
The nation's 14 largest mortgage servicers _ including Citibank, Bank of America, JPMorgan Chase and Wells Fargo _ were ordered to offer to review cases after the government found that some rushed the foreclosure process without carefully reviewing documents.
The orders require the lenders pay homeowners when a "borrower suffered financial injury." There is no minimum or maximum dollar amount identified.
Critics, including congressional Democrats, say the orders were too lenient on the banks and that it was inappropriate for the lenders to review their own potential mistakes.
"Servicers have a poor performance track record in effectively engaging with borrowers, and, in the claims process, have a natural disincentive to reach the households their practices have harmed," wrote Rep. Maxine Waters (D-Calif.) in a letter to regulators.
Regulators say independent consultants will also review the cases and that those reviews would likely take several months. If a consultant finds that a lender erred, it will conduct follow-up reviews on other cases to see if the lender is trying to dodge blame.
"The challenge is substantial, but the steps we have required the servicers to take are vitally important to resolving these issues in a way that respects the rights of those who have been harmed and helps to restore confidence in the system," said John Walsh, acting Comptroller of the Currency.
In the four years since the housing bust, about 5 million homes have been foreclosed upon. About 2.4 million primary mortgages were in foreclosure at the end of last year. Another 2 million were 90 days or more past due, putting them at serious risk of foreclosure.
The other lenders and service providers cited by the agencies include: Ally Financial Inc., Aurora Bank, EverBank, HSBC, MetLife Bank, OneWest Bank, PNC, Soverign Bank, SunTrust Banks, U.S. Bank, Lender Processing Services and MER-SCORP....
http://news.ino.com/headlines/?newsid=68981793861790
ibid.
boy, those comments about Chinas "firm control" on their economy, that's laughable
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