N
Nondual
After the silver and gold debacle recently decided to check back on RIC which I've mentioned before. It's recovered pretty good and back near old highs whereas silver and gold are not even close.
Short term trades in the stock market •$$$$$•
- Thread starter TNTBudSticker
- Start date
Biggest month for the DOW ever if we close green on Monday! Going to need some more cocaine keep the party going though. Got China White?
Italy gives EU a post-party hangover Financial Times
Dexia and now MF. Two pretty big dominoes.
Italy gives EU a post-party hangover Financial Times
Governor and ex-CEO of Government Sachs John Corzine's MF Global has collapsed. Their bonds have been rated junk. They have to sell themselves by Monday.
Dexia and now MF. Two pretty big dominoes.
Last edited:
MF Global Put Up for Sale, This Weekend Only
MF Global is racing to sell itself before the markets reopen on Monday, with its stock and bond prices nearly in a free fall.
The pressures on MF Global, a commodities and derivatives brokerage firm, and its chief executive, Jon S. Corzine — once the chief of Goldman Sachs and a former New Jersey governor — are enormous. With two major credit ratings agencies having cut their ratings on the firm to junk status, a sale of some kind appears to be MF Global’s only hope for survival.
In the space of only a week, MF Global has shed two-thirds of its market value. Its shares plunged 16 percent on Friday to $1.20, after having briefly dipped below $1 earlier in the day. And its five-year bonds tumbled to 49 cents, according to data from Trace research service.
By Friday afternoon, MF Global executives had become focused on selling the entire firm by Sunday evening, according to a person briefed on the matter who spoke on the condition of anonymity because the discussions were private. Other possibilities, including a sale of just its futures brokerage arm, remained on the table but were becoming less likely.
So far, MF Global has identified fewer than five suitors, a list that includes other brokerage, banking and private equity firms, this person said. Yet while the goal remained to strike a deal before the markets resumed on Monday, it is possible that a deal won’t be reached.
Speculation grew on Friday about who would be interested in buying some or all of MF Global. Several major banks have considered making a bid, especially if they could buy the firm’s well-regarded futures brokerage operations at a low enough price, according to people briefed on the matter. But it was unclear whether any would make a formal offer.
A spokeswoman for MF Global, Tiffany Galvin, declined to comment.
By Friday afternoon, MF Global still had sufficient liquidity to finance its operations, having drawn down a $1.3 billion revolving credit facility, this person added. While more clients had moved their money to other brokerage firms, this person said that the amount remained in the low single digits.
That may not matter if the firm cannot reach a sale over the weekend. While major exchanges around the world said on Friday that MF Global remained a member in good standing, clients and trading partners are generally wary of doing business with a junk-rated brokerage firm.
On Friday, analysts and industry executives were gloomy about MF Global’s survival prospects.
“We continue to believe that in this market environment, selling the entire business could be challenging,” Niamh Alexander, an analyst with Keefe, Bruyette & Woods, wrote in a research note.
For now, the firm is focused on selling itself rather than preparing for any sort of bankruptcy filing, the person briefed on the matter said.
One thing is clear: Any outcome would spell the end of Mr. Corzine’s tenure atop MF Global. He became the firm’s chief executive last year, returning to the financial sector for the first time in more than a decade after having been ousted as Goldman Sachs’s chief executive in 1999.
Mr. Corzine’s chief goal was to transform MF Global into a full-fledged investment bank, in large part by taking on riskier trading using the firm’s own capital. The strategy backfired, however. In the year and a half since Mr. Corzine took over, the firm has earned money in only two out of six quarters.
Among the biggest millstones around the firm’s neck is the $6.3 billion worth of bonds issued by Italy, Spain, Belgium, Ireland and Portugal that it holds. Analysts became uneasy with those holdings as Europe’s debt crisis deepened, culminating in the initial credit rating downgrade by Moody’s Investors Service on Monday.
MF Global’s problems were exacerbated with its announcement of a $186 million loss for its second quarter on Tuesday. By Thursday, Moody’s and another agency, Fitch Ratings, had officially cut the firm’s credit rating to junk status.
the market news guy was saying they wouldn't last the weekend, so I'm expecting to hear it on monday that they are done for.
Might make for an interesting Monday. Wonder what the systemic fallout will be if any? His firm sucked. Counter party risk may still be a problem though.
Maybe Zimbabwe will bail them out, eh? lol
Maybe Zimbabwe will bail them out, eh? lol
Harvard Professor even says we needs more hopium than this BS "Europe is Saved" headline from Merkozy.
Well.......
MF Global filed for bankruptcy today (Lehman 2.0?).
The Europe funny farm bailout that was announced to save the world is now being laughed at by the markets. Contagion continues to spread throughout the EU bond complex despite the lame attempts by politicians to control the market through mere rhetoric.
ECB intervened today to monetize Italy and Spain's bonds due to the sell off. Japan intervened in the Yen last night and has retraced 75% of a 8 standard deviation move. Hilarious.
CDS are now worthless since the ISDA has said that the Greek 50% "haircut" is NOT a credit event. Merkel has destroyed that market. Bonds are going to die as a result IMO.
Should be fun. Europe must print or die. Stay frosty.
MF Global filed for bankruptcy today (Lehman 2.0?).
The Europe funny farm bailout that was announced to save the world is now being laughed at by the markets. Contagion continues to spread throughout the EU bond complex despite the lame attempts by politicians to control the market through mere rhetoric.
ECB intervened today to monetize Italy and Spain's bonds due to the sell off. Japan intervened in the Yen last night and has retraced 75% of a 8 standard deviation move. Hilarious.
CDS are now worthless since the ISDA has said that the Greek 50% "haircut" is NOT a credit event. Merkel has destroyed that market. Bonds are going to die as a result IMO.
Should be fun. Europe must print or die. Stay frosty.
Print or die. That's all it comes down to. He who prints last laughs. Or something like that.
Still getting a good laugh at this 50% Greek haircut... that isn't actually 50% or even a haircut. Just wait 'til the Greeks hear about the pension fund that wants 8bil Euro back from them!
Still getting a good laugh at this 50% Greek haircut... that isn't actually 50% or even a haircut. Just wait 'til the Greeks hear about the pension fund that wants 8bil Euro back from them!
Gold took a hit. The traders have to sell their gold to raise cash to cover their stock positions and it lowers gold price, or something like that. A real confidence booster for me when they have to sell their 'real' money to cover the speculative 'money'.
Anyways, I am gonna get off the fence and add to my GLD position( got in at around $400 an oz.) as of tonight. Will see how that goes....
Anyways, I am gonna get off the fence and add to my GLD position( got in at around $400 an oz.) as of tonight. Will see how that goes....
N
Nondual
Cool to see someone talking about the topic of this thread...Short Term Trades in the Stock Market.
First gold in general...
...then a gold stock holding up quite well and probably will take off when gold takes off again...
Anyone else dealing with 'Short Term Trades in the Stock Market' and not focused on macro economic conditions/situations? I remember when Long Term Capital got some headlines...then it was something else...then something else.
nm
Last edited:
nukklehead
Active member
long on UNG... imo.. not that Im a pro but have been doing ok playing the volatility game.. england to import TONS more propane and who knows.. ??? Hoping for a bad winter (sorry) Natural gas is at its cheapest in a long time.. thats how I played the VIX in August and did pretty good. But dont listen to me.. I just grow pot and work for a living
Europe and US markets are melting down again. Last month's melt up on BS Euro headlines is retracing as reality sets in. So much for managing perception with empty rhetoric.
Greek political structure is imploding. They are going to hold a referendum on what will amount to be a vote on them staying in the Euro. If they leave then the Euro will collapse quickly IMO.
Euro bond spreads are widening despite monetization by the ECB.
1Yr Greek paper is at 200%.
Fall out and contagion from the collapse of MF Global is spreading.
Yawn.
Greek political structure is imploding. They are going to hold a referendum on what will amount to be a vote on them staying in the Euro. If they leave then the Euro will collapse quickly IMO.
Euro bond spreads are widening despite monetization by the ECB.
1Yr Greek paper is at 200%.
Fall out and contagion from the collapse of MF Global is spreading.
Yawn.
Last edited:
I didn't understand at all the huge upswing in the market over the past month, it doesn't seem to make sense considering the situation Europe is in... As for Greece exiting the Eurozone, it makes sense, they were in a better situation before the Euro and they will be better off without it. I think the Eurozone would be stronger footing if Greece and some of the economically weaker countries exited. There are really only two options, the Eurozone becomes a more unified system under a central authority and continues as a two tier system with Germany and France at the top and the Portugal, Greece, Spain, Italy group lagging behind on their coattails or the Eurozone retracts and requires economic sustainability as a qualification for entrance. Well I guess three options, they could just fold and go back to their original currencies. Lolz. Interesting time to live right now in that regard.
greek referendum is dead, no referendum
market = rally
more ponzy = good
market = rally
more ponzy = good
So, Europe Is Fixed Again!! Referendum Is 'Basically Dead'
I love me some market moving political theater for lunch.
This is getting ridiculous. Citing a Socialist Party Official Dow Jones is reporting that "The Greek PM's Referendum Call is 'Basically Dead'!" Instant knee-jerk reaction is a 1% rally in ES and 75pip (UPDATE: 90pips!) rally in EURUSD.
I love me some market moving political theater for lunch.
LOL. We posted at the same time.
What a Greek comedy. Sad, but I'm past all that now. All I can do is laugh.
Or they can monetize their debt like we are doing. If they start printing then all this will go away for a while. It's working for us. Only thing is they don't seem so gung ho about destroying their currency like we are doing.
Interesting times indeed.
yaman
